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Can assets of the people you live with be seized if you declare bankruptcy?
Perhaps. If the filing party is on a deed for real property or joint bank account with the others that property might be "frozen" until the amount each party is entitled to is proven. It will depend on what the property is and how it is titled. If this is the issue it would be advisable to consult a bankruptcy attorney.
If a spouse files for bankruptcy will assets such as property that are in the name of the of the other spouse only be seized?
Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.
Is your home seized when you file bankruptcy?
No
Quick claim deeded your home in Arizona now you cannot file for bankruptcy?
Question isn't very clear -BUT- if you "quit claimed" your home prior to filing for bankruptcy, they might consider that you voluntarily divested yourself of any assets so that it couldn't be seized for satisfying your debt(s). Because of that move, they might be able to prevent your filing.
What types of property cannot be seized in a property seizure?
There are several types of property that cannot be seized in a property seizure. This type of property includes clothing, bedding, food, medicine and kitchen items.
Who does property that has been seized belong to?
The question doesn't include enough information. "Seized" by who (what agency) for what reason (evidence - forfeiture - safekeeping - etc) ? If it was seized as contraband and seized for forfeiture it will become the property of whatever agency that seized it. If it was seized as evidence of a crime, it will be returned to the victim/complainant after the trial is over.
How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?
It doesn't. The homestead exemption protects property from being seized in a bankruptcy procedure or by creditor judgment. The lender does not relinquish the right to foreclose on property regardless of the status of the bankruptcy filing. Bankruptcy only temporarily halts the foreclosure of secured property.
What happens to your federal tax return if you filed chapter 7 bankruptcy?
Generally a portion will be included in as a non-exempt asset to be used to repay creditors. In some cases the entire refund can be seized, this depends upon the filing status and the time span between the two actions.
Does it pay to become a Florida resident when buying a home?
Yes, it could be worthwhile (assuming the home is your primary residence) you can qualify for a "homestead exemption" allowable by state law. This will reduce your property taxes considerably. In addition, Florida is one of few states which protects your primary residence from being seized in bankruptcy proceedings. In the event that you must declare bankruptcy Florida law prevents your home from being seized as an asset, thus putting you in danger of losing it.
What does the term died seized mean?
The term "died seized" refers to a situation in property law where a person who holds legal title to a property (the "seized" individual) passes away while still owning that property. This status is significant in determining how the property is handled after death, particularly in relation to inheritance and estate distribution. Typically, the property will then be transferred according to the deceased's will or, if there is no will, according to state intestacy laws.
Can widow's personal property be seized by heirs of her husband?
No. A widow's personal property is not part of her husband's estate.
When will property obtained in a search warrant be Returned?
If the property that was seized is NOT 'proceeds of crime' or 'contraband' but is being used as evidence in a criminal proceeding, it will be returned when the final appeals for the criminal case have been exhausted.If the seized property IS 'proceeds' or 'contraband" it will not be returned to you.
