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This is written with the assumption that the reader already knows he/she qualifies for Chapter 7 Bankruptcy, and already has a familiarity with the steps in the process of receiving a bankruptcy discharge.
If you are not sure if you qualify for Chapter 7, take the FREE MEANS TEST:
http://ezbankruptcyforms.com/media/Form_B22A_Means_Test_Calc.pdf
Many people fear filing for CHAPTER 7 BANKRUPTCY WITHOUT AN ATTORNEY for this very reason: The information that needs to be entered on "SCHEDULE C - BANKRUPTCY EXEMPTIONS".
Chapter 7 Bankruptcy is exercised under Federal Law. Over 90% of the bankruptcy process is uniform from state-to-state...except this.
A common misconception is that a CHAPTER 7 BANKRUPTCY DISCHARGE wipes out all your debts AND forces you to give up all your belongings. This is not true. You ARE allowed to keep certain things after your discharge. WHAT you are allowed to "claim" on "Schedule C" varies by STATE BANKRUPTCY LAW.
While one cannot put an exact number on the value of your exemptions, you can pretty much (with some exceptions) guarantee that you are able to keep your clothes, TVs, and other household appliances. Each state has laws to claim other exemptions, most of the time up to a certain value (for example, a car up to a blue book value of $3500). Certain states provide "wild card" exemptions, where you can combine certain assets (such as a car and bank account) up to a certain value.
These values change on January 1st of each year, most of the time increasing the value of what you can keep.
It is for this reason that the "State Exemption" values posted online are often out-of-date.
If you are not filing with the help of a lawyer, a good BANKRUPTCY SOFTWARE FOR CONSUMERS program can guide you through this process, ESPECIALLY the relationships between Schedules A, B and C.
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Does bankruptcy attorney keep rental property income?
The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
Is there a way to keep property when a chapter 13 is converted to a chapter 7?
No. If it is not covered by the allowed bankruptcy exemptions then it is subject to seizure and sale or liquidation. The filer always has the option to have the bankruptcy dismissed,
Can you file parking tickets under a chapter 7 bankruptcy?
Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.
Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
How soon after Chapter 7 bankruptcy can you have property given to you?
I think chapter 7 bankruptcy at least take 5 to 6 years to clear the bankruptcy so its automatically remain on your name for those years.You will get your property only after this case is complete.
Can you place a lien on a persons property who is in chapter 7 bankruptcy?
No, unless you get relief from stay from the bankruptcy court.
Can you file chapter 7?
Anyone who is seriously struggling with debt can file for chapter 7 bankruptcy and it is up to the court to determine whether or not you will be eligible. Chapter 7 bankruptcy is usually best for people who:* Have no steady stream of income* Have a lot of exempt property* Cannot keep up with a strict payment plan
Can you keep your airline miles in a chapter 7 bankruptcy?
Yes
Can someone have more than one property in chapter 7 bankruptcy?
Yes.
Can you sell my home while in a chapter 13 bankrupcty and keep the profits?
You will need to obtain the consent of the Chapter 7 trustee before selling any property of the bankruptcy estate.
If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
Why would someone choose chapter 13 bankruptcy instead of chatpter 7 bankruptcy?
There are a few advantages to Chapter 7 bankruptcy versus Chapter 13 bankruptcy. For one, Chapter 7 is usually a quicker process than Chapter 13, with typical cases lasting only a few months. In addition, with Chapter 7 bankruptcy most, if not all, of one's unsecured debt such as credit cards and personal loans is eliminated whereas Chapter 13 requires it all to be paid back. Lastly, most Chapter 7 filers keep most, if not all, of their property.
