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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 is exempt value?
Exempt value refers to the portion of an asset's value that is protected from claims by creditors during bankruptcy or foreclosure proceedings. This value is typically defined by state or federal laws and varies depending on the type of asset, such as a home or personal property. Exemptions are designed to allow individuals to retain a certain amount of their property to maintain a basic standard of living. Understanding exempt value is crucial for individuals navigating financial distress, as it helps determine what they can keep while addressing their debts.
If fully paid can you keep your motorcycle if you file personal bankruptcy in Pennsylvania?
In federal bankruptcy, it depends on the value of the motorcycle and whether you can exempt it or pay the trustee the value of the bike. If there is a state bankruptcy procedure in PA, the rules may be a little different.
What types of property does a bankruptcy trustee take from your home and is the 1000 exemption for personal property per individual per item?
A bankruptcy trustee can take non-exempt property, which typically includes valuable items like expensive jewelry, collectibles, or equity in real estate. However, most personal belongings, especially those covered under state exemptions, are not taken. The $1,000 exemption for personal property generally refers to the total value of personal items per individual, not per item; this means you can exempt up to $1,000 worth of personal property collectively rather than for each individual item. Always check state-specific exemption laws, as they can vary significantly.
Whether gifts comes under exempt or nonexempt property in bankruptcy law?
The way or origin of how you got it is unimportant. What it is carries. A gift of your dinning room table or work tools are exempt - because these things are exempt. A gift of your boat, vacation house, lear jet, still wouldn't be.
How long do you have to wait to file bankruptcy after I have passed a property on to your son?
Thank you for passing your property to my son. Since I do not have a son, I guess it remains in limbo. If your son paid you the value (equity) of your home, you will have to disclose the transfer, but it will have no effect on your bankruptcy. If you gave the property to your son for free, and there was equity in the property, probably two years, if you gave the property knowing you were insolvent and intending to deprive your bankruptcy estate of the asset. It would have been better to discuss this with a bankruptcy lawyer before passing the property, as you might have been able to exempt the property in the filing.
If you sell a listed asset how much goes toward bankruptcy?
If the bankruptcy is a Chapter 7, and the asset is not exempt, you cannot sell it. It is the property of the bankruptcy estate administered by the trustee. If the asset is exempt, you can sell it and keep the proceeds. If the asset sells for a lot more than you listed its value as, be prepared for a claim by the trustee. If in a Chapter 13 and the Plan has been approved by the court, you are a debtor in possession and can sell assets with no problem, unless, as above, the asset turns out to have a significantly higher value than you listed.
How do you get value of personal property for filing bankruptcy For Schedule B such as couch chairs washer dryer it asks for value is that determined by purchase price or what it could sell for?
What it could realisitically sell for
Can you sell property prior to a bankruptcy?
Yes, for fair market value.
What is bankruptcy code 703?
I believe you are referring to local California statute CCCP §703, which refers to California's local exemption rules for bankruptcy. In short, California allows a debtor to exempt up to $3,300 for a single automobile and, more importantly, up to $20,825 in personal property as long the debtor owns no real estate with equity, or if the debtor intends on giving up any real estate with equity up in the bankruptcy. The $20,825 "wildcard" exemption may be used to protect money in bank accounts, CDs, rare coin collections, even timeshares. As long as the total value of property to be exempted is less than $20,825, the debtor should be allowed to keep said property through bankruptcy.
What does Full Value on Personal Property mean on Safeco policy?
Explain Full Value on Personal Property on a Tenant Policy
Does chapter 7 bankruptcy exempt whole life policies cash value?
This is a great question, but the answer really depends on your state's law. Your state laws define the exemptions that a debtor may use in a bankruptcy.Generally, the cash value of a whole life policy is considered exempt. What is determined by state law is whether your last year's contributions are exempt or not. Some states will require you to pay out of the cash value any amount you paid in during the last 12 months. Other states may have a wild-card exemption which would permit you to exempt those payments regardless of their nature. Bankruptcy is a complex area; you should contact a bankruptcy attorney in your area to discuss this further.
