Assets for bankruptcy

Posts Tagged ‘attorney’

Can You Keep a Rental Home in Bankruptcy?

January 29th, 2009

Bankruptcy Exemptions That You Need To Take Into Consideration

If you are looking at the prospect of filing any type of bankruptcy, you need to be aware of the various bankruptcy exemptions. Many of them may apply to your individual circumstances. In basic terms all businesses and individuals who file for bankruptcy have to list all of their assets. Some of them may be protected by law from creditors taking them as repayment.

The legal definition of bankruptcy according to the Merriam Webster’s Dictionary of Law (1996) is the administration of an insolvent debtor’s property by the court for the benefit of the debtor’s creditors. The same source sites the legal definition of bankruptcy exemptions as the act of exempting or state of being exempt or one that exempts or is exempted.

what assets have to be listed in personal bankruptcy The issues that surround bankruptcy laws are very detailed and complicated for the average person. The amount of legal jargon incorporated into the guidelines can make your head spin. It is hard to grasp the basic concepts when you can’t decipher the information you are reading. It is very important that you are able to protect some of your assets from your creditors.

To help you understand all of this, it is highly recommended you work with a reputable legal entity. Make sure you get a free consultation from at least two different quality sources. This way you can compare information. You want legal representation that has experience in the field of bankruptcy. You also want someone who is willing to take the time to treat you as an individual.

Each case involving a bankruptcy, whether it is for a person or a business, has to be filed in a Federal court for processing. Yet many of the rulings that relate to a bankruptcy filing are determined on a state level. Since the rules for each state vary somewhat, it complicates the issue even further. Therefore, it is important to know that the bankruptcy exemptions you can claim are affected by the type of bankruptcy you file and the state you live in.

Here is a list of the choices you can file under. Keep in mind that your legal representation should clearly go over all of the ones that apply to you. They should also discuss the pros and cons each one has to offer you. Knowing about the bankruptcy exemptions that will apply to your own case can help you decide if this is the course of action you need to take.

1. Chapter 7: Liquidation
2. Chapter 9: Reorganization for municipalities
3. Chapters 11 and 13: Reorganization
4. Chapter 12: Reorganization for Family farmers/fishers

By: Caleb Liu

Article Directory: http://www.articledashboard.com

If you found this information on Bankruptcy Exemptions useful, you’ll also want to read about Avoid Bankruptcy.

Circuit City Heads To Bankruptcy Court

RICHMOND, Va. — Circuit City is heading into US Bankruptcy Court for a hearing on administrative expense claims and discontinuing its credit card program.

Three Bankruptcy Filings in 12 Months

Chapter 13 Plan by L. Jed Berliner, Massachusetts Bankruptcy AttorneyAbstention or Remand: Factors to Consider by Stephen Otto

How Bankruptcy Can Help Save Your Home

According to a respected Seattle real estate professional, almost 2/3 of the bankruptcy cases sampled in the Seattle area this month involved real estate in foreclosure.

Georgia Superintendent Cox

Cox won $1 million on FOX’s "Are You Smarter than a 5th Grader" TV show. The future of the money is now in limbo because Cox has filed for bankruptcy.

Related Blogs

Mail this post

Technorati Tags: attorney, bankrupt, debtor, exemption, filing, money

Posted in personal bankruptcy |

Tags: attorney, bankrupt, debtor, exemption, filing, money |

No Comments »

Can I File Bankruptcy on My House?

January 22nd, 2009

Contemplating Filing For Bankruptcy?

Bankruptcy has many reputations, some people think that bankruptcy will take care of all their debts and life will be good.

Some people file as often as they can, they have made it a way of life. Some people should file and don’t because of what other people will think.

bankruptcy laws in montana Filing for Bankruptcy does not get rid of all debts. Some of those debts include but are not limited to: Alimony, Child Support, Back Taxes, Student Loans, and Fraudulent debts, and recent large purchases of more that $550 for luxury item purchased within 90 days of filing.

There are two different kinds of bankruptcy a consumer can file for Chapter 13 and Chapter 7. Chapter 7 is total liquidation it is the quickest. Federal bankruptcy laws provide a ‘means test’ to determine eligibility. Also beginning October 17, 2005, you must obtain approved credit counseling before you can file bankruptcy. Another new federal bankruptcy requirement is that you must file any overdue tax returns within weeks of filing a Chapter 7 bankruptcy. Under Chapter 7 bankruptcy there are certain items that can be kept but have limits. There are State exemptions and Federal exemptions and rules that go with them. Another thing to consider is Chapter 7 will not fix is your credit score. If you are behind on your bills your credit may already be bad and bankruptcy cannot fix it. If someone has co-signed a loan with you and you file for bankruptcy, the co-signer may have to pay your debt.

Chapter 13 is a reorganization of debt. While many think that they will have to pay the entire amount of outstanding debt, under Chapter 13, individuals literally pay pennies on the dollar and work through a repayment plan that helps them achieve freedom from their debt in a period of between three and five years. There are many steps to filing Chapter 13. Many assets can be kept and protected under Chapter 13. Like Chapter 7 there are also qualifications that need to be met before filing Chapter 13.

There are alternatives to filing bankruptcy. Bankruptcy should be the last resort. There are many attorneys that specialize in this area. Each state has its own rules along with many federal rules and regulations. An attorney can help decide whether or not someone should or can file for bankruptcy, which kind of bankruptcy, and whether or not they are eligible.

By: babwebstar Please visit Great Lakes Bankruptcy Center We can help!

The bankruptcy myth
Bankruptcy is supposed to help people get back on their feet after a difficult financial patch. But new research suggests that people don’t recover as easily as all that.

Capitalism without Bankruptcy
On the first half of today’s installment of The Diane Rehm Show, Jerry Taylor, a senior fellow at the Cato Institute got off a good line in the midst of a discussion concerning federal regulation of emission standards.

Protect your income tax refund in bankruptcy
Tell your bankruptcy attorney if you are expecting an income tax refund or economic stimulus payment.

Bust, Bankruptcy, Bailouts: What Should We Do Now?
I am speaking at an AEI panel today, with Tim Bitsberger, Joshua Rosner of Graham Fisher & Co., Walker Todd, of the American Institute for Economic.

Mail this post

Technorati Tags: attorney, bankruptcy, file, house, lawyer, loans, purchases, taxes