What are the state and federal exemptions for filing a chapter 7 bankruptcy and if you get married before you file does your exemptions double?

If you filed bankruptcy four years ago and remarried can you file joint bankruptcy now?

It is possible for the married couple to file a chapter 13 or in some instances a chapter 11.

What is a Spousal Waiver of 703.140b exemptions?

I WOULD LIKE TO KNOW THE WORDING THAT GOES INTO THE SPOUSAL WAIVER. The "Spousal Waiver of 703.140b exemptions" that I am referring to in this answer is actually called the "Mutual waiver of right to claim state exemptions other than those provided in California Code of Civil Procedure 703.140(b), during pendency of bankruptcy case." It is a document that is signed by married couples when one spouse wants to file bankruptcy in California individually (and not jointly with their spouse) and they want to use the 703.140b exemptions. (This waiver is certainly used in the southern district where I practice). Exemptions are the things that allow you to keep property in a bankruptcy. Without exemptions your property would be taken and sold by the Trustee to satisfy your debts. There are two sets of exemptions in California. One set is called the "non-bankruptcy exemptions" and this is the set that contains the homestead exemptions. These are listed under CCP (Code of Civil Procedure) 704. If you don't own a home or if you don't have equity in your home then most people would choose the 703.140(b) exemptions when filing a bankruptcy because the 703 exemptions contain the very generous "wildcard" exemption. The wildcard (modeled after the federal exemption statutes) allows you to keep any type of property at all (even cash) with a value up to approximately $20,000. (Check for the exact amount at the time you are considering filing bankruptcy). The spousal waiver is necessary in California because both spouses must agree on which set of exemptions they will both take together. If they don't choose or if they can't agree on which exemptions they want then they get the non-bankruptcy 704 homestead exemptions by default. They would both then lose the wildcard. By signing the Waiver both spouses waive their right to claim any state exemptions other than those provided in 703.140(b) during the pendency of their chapter 7 bankruptcy. That means that if they sign then the agree to use the 703 exemptions (wildcard) and they waive or give up their right to use the 704 homestead exemption. In my experience most chapter 7 bankruptcy filers want this set of exemptions so most couples sign the document and they get their wildcard exemption which they must now share. The wording of the waiver comes from CCP 703.140(a)(2) so check out that section of the law to see where it came from but the effect of it is as I described above. For more bankruptcy information check out my website and my blog at www.farquharlaw.com.

My fiance filed chapter 11 bankruptcy and now we want to get married can the court trustee demand more money?

Make sure that it was a chapter 11 and not a chapter 7 or a chapter 13. Many times there are no trustees in a chapter 11 and chapter 11 is almost always a larger business bankruptcy.

How many exemptions should I claim if I am married?

If you are married, you can typically claim two exemptions on your tax return.

If you filed for Chapter 7 Bankruptcy 7 years ago when you were married can you refile again now that you are single?

Never

If you own your home are you homestead exempt?

A homestead exemption can be filed for a mobile home. Check with your town clerk for the procedure. Residential dwellings such as houses, condos, mobile homes are not considered personal property.Examples of personal property are: Household goods, electronics, clothing, jewelry, stocks, bonds, bank accounts and similar assets/items. Some US states have exemptions for such, consult the bankruptcy laws concerning your state of residence to find out what may apply. If the state does not have a set of exemptions then the federal bankruptcy exemptions apply during BK or a creditor judgment action. Please note: Allowable exemptions are based upon the actual ownership of the real or personal property in question. Joint ownership of any kind can change the judgment status of all property, especially when it relates to a married couple.

Can you and your same-sex spouse file for joint bankruptcy?

Yes. According to an announcement made by United States Attorney General Eric Holder on February 8, 2014, the United States Bankruptcy Courts will give legally married same sex couples the same status as other married couples in federal legal matters. In the United States, bankruptcy falls under the jurisdiction of the federal courts. The decision applies to married same-sex couples seeking federal benefits. It extends federal privileges to same sex couples even in states that do not recognize same sex marriage as long as they were legally married in another state.

You are getting married to a man who is filing chapter 13 - how will your wages be affected?

Once you are married, your income will be combined with his as well as your debt. This becomes a joint effort and your income will be subjected to the bankruptcy as well.

My wife filed chapter 7 in 1989 before we were married We had to file chapter 7 in 2001 is there a law in Washington state stating that she can't file again?

No. The Federal restrictions sill apply. She can file again after a certain period. Bankruptcy is not part of financial planning. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.

How many exemptions can Diana and Henri claim on their joint return?

Married filing jointly one exemption for each taxpayer that is listed on the 1040 federal tax return would mean a total of 2 exemptions. 1 plus 1 equal 2.

Can you file for bankruptcy when your husband did before you were married?

Yes you can, he may on the other hand will not be able to receive a discharge under the same chapter for 6 years.

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.