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What schedules do you need to file under chapter 7 bancruptcy law to exempt a property?
Wiki User
∙ 19y ago
One normally files a Schedule C as a part of their bankruptcy petition. Schedule C lists the various items of property found on Schedules A and B with the State (or Federal) Code Section next to each piece of property which exempts (i.e. protects) that type of property and the amount of the exemption used to protect that particular piece of property. So, a Schedule C might look something like this (very roughly): "SCHEDULE C: real estate listed on Schedule A: (1) House at 123 Main St, USA Value: $5,000.00 Exemption Code Section: Indiana Code Sec. 1-2-3-4 Value of Claimed Exemption: $5,000.00 Personal property listed on Schedule B: (1) Furniture Value: $500.00 Exemption Code Section: Indiana Code 1-2-3-5 Value of Claimed Exemption: $500.00 (2) Clothing Value: $100.00 Exemption Code Section: Indiana Code 1-2-3-6 Value of Claimed Exemption: $100.00 etc etc" Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. RossLawOffice.com
Wiki User
∙ 19y ago
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After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
When you go bankruptcy do you have to put up your house for collatoral?
In most cases you will not lose your home during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
What happens to all your personal property in your home after chapter 7 bankruptcy?
Generally, these are exempt assets and they remain yours, preumably to take with you.
If you filed a civil suit before chapter 13 was filed and then won the civil suit while still in chapter 13 can the trustee get any of the money?
It depends on the type of lawsuit and whether or not you are entitled to claim any of the proceeds as exempt. In most cases, state law determines what property you get to keep when filing for bankruptcy. This is called "exempt" property, meaning it is exempt from being used to benefit your creditors. The general rule in a Chapter 13 is that all nonexempt property belongs to the estate, including property acquired after the filing the Chapter 13. However, the debtor generally remains in possession of the property. If you properly disclosed the existence of the lawsuit in your BK filing, the Chapter 13 plan approved by the Court likely has some language addressing the lawsuit. You need to read the Chapter 13 plan to see what it says on the subject.
Can you keep your property if you file chapter 7?
If it is exempt, then yes you can keep it. Anything over the exemption amount belongs to the trustee to pay off creditors.
Is it possible to exempt a tax refund in chapter 7 bankruptcy?
You can't "exempt" anything.
How much property can a person keep if you file a Chapter 13?
In a Chapter 13 Petition in Bankruptcy, you are allowed to keep all of your property. This is because in a Chapter 13 Petition in Bankruptcy, your Chapter 13 Plan Payment to the Trustee partially depends on the amount of non-exempt assets you own. In other words, although you get to keep all property, the more non-exempt property you own at the time of your filing, the larger repayment percentage you would owe towards your unsecured creditors. I hope that helps. Michael A. Fakhoury, Esq.
Will a bankruptcy trustee take rental income on exempt property after a chapter 7 is filed?
If the property was claimed as exempt the trustee has 60 days to either exempt or reject the contract. If nothing is done then the contract is automatically rejected and the tenant is considered a holdover tenant. If you exempted the property the property reinvests in the debtors name and thus the rents should follow as the debtor is the only one with standing to collect the rents. That is not to say the trustee will not try hard to stand in your way though.
Are savings exempt in chapter 13?
Your kidding, right?
Does chapter 7 affect 401k?
No...you must disclose it but it will be exempt.
Are annuities exempt in chapter 7 bankruptcy in Florida?
yes
Can you open a profitable business on tax-exempt property?
Generally not...loses exemption if not used for the exempt purpose
