The bankruptcy laws allow a debtor to keep certain property to make a fresh start. That property is removed from the bankrupt estate and is not available to creditors. The debtor selects the property to be exempted from the statutory lists of exemptions available under the law of his state. One of the things you can keep is your home. However, the circumstances are different depending on whether there is equity in the home, outstanding mortgages or if the amount due on the mortgages exceeds the value of the home. For a definitive answer, you must consult with an attorney who specializes in bankruptcy law.
It depends on the state that you are located in. However, the basic list of property includes your clothes, car, household furnishings, and house depending upon their value.
A person who is engaged in a bankruptcy proceeding cannot convey property outside of the court proceeding. You should contact the trustee in bankruptcy for advice because the court will want to review the transaction. You will likely need a court order to execute the deed.
IRA's are exempted personal property. Creditors can not touch this money to pay debths.
If by "property limit" it is meant what personal and real property can be exempted from bankruptcy, that is determined by the type of bankruptcy you must file, federal or state. To discover what the type and amount of property one is allowed to exempt you can search federal bankruptcy exemptions or (name of state) bankruptcy exemptions; in a few states the person can choose to use either set of exemptions or a combination thereof.
If you are in the midst of a bankruptcy proceeding the title to all your property is in the trustee. You can't sell any property. You should direct any questions to your attorney or to the trustee in bankruptcy.
If your father was involved in a bankruptcy proceeding at the time of his death his assets are encumbered by the proceeding. The bankruptcy proceeding would affect the title to his property until it is resolved. His estate would need to be probated in order for the title to his property to pass to you. When an estate is probated the creditors must be paid first before any distribution to heirs can be made. You should contact your father's bankruptcy lawyer or his trustee in bankruptcy to notify them of his death and to determine what your options are. If that's not possible you should seek the advice of a probate attorney.
You cannot sell your property during a bankruptcy proceeding. If a bona-fide offer is made to purchase the property a motion is filed for permission to sell. If allowed, an order is issued by the court that frees the property from the bankruptcy so it may be sold free and clear of your bankruptcy by the trustee. The proceeds from the sale will then be controlled by the trustee in bankruptcy.
Yes. Assessments are due and owing on the date of filing and thereafter. If past-due assessments -- owed to the date of filing -- were listed in the bankruptcy filing, they have been handled by the referee and must be treated as subject to those rulings.
You need to contact the trustee in bankruptcy. The bankrupt hasn't "given up their interest" unless they have already executed a deed. Their interest may be subject to the bankruptcy proceeding.
If it has not been exempted, all of it.
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Bankruptcy is a legal proceeding in which a person can get a fresh financial start. Bankruptcy can be very useful and effective in resolving financial problems in certain cases.