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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.

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.

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

When filing for a Washington State bankruptcy, some types of property are typically non-exempt and can be used to pay at least a portion of the claims of creditors.

Examples of non-exempt property include: cash and bonds (not part of a retirement account), investments over a certain amount, a second car (for single, non-married debtors), a second home, family heirlooms over a certain value, valuable collections such as paintings, coins, or stamps, and expensive trade or business equipment.

Property You Cannot Keep In Chapter 7 Bankruptcy The filing of a Chapter 7 bankruptcy will also stop garnishments and civil lawsuit proceedings and, in most cases, discharge the debts underlying these proceedings. The length of a Chapter 7 Bankruptcy case is generally 3-4 months from filing the bankruptcy petition to the final discharge of debts. In order to find out if you qualify for a Chapter 7, it is important to talk with an experienced Washington bankruptcy lawyer.

The state median income level under the new bankruptcy laws that took effect October 17, 2005, if your income is above your state’s median income, you may not qualify for Washington State Chapter 7 protection. The median income varies from state-to-state and each state therefore has their own list of the state median income thresholds for individuals and married couples with or without dependent children.

Non-Dischargeable Unsecured Debts

Certain unsecured debts are not dischargeable in a Chapter 7 Bankruptcy and must continue to be repaid in full. These include unpaid taxes, government- backed student loans, and unpaid child support. In many cases, however, your monthly payments of these debts can be restructured and lowered by filing a Washington Chapter 13 Bankruptcy.

Chapter 7 also gives you an option to "Redeem Your Vehicle". This process involves you paying the secured creditor the fair market value of the collateral, which is typically far lower than the amount you still owe on your current car loan. In exchange for redeeming your vehicle, the creditor provides you with the release of their lien. There are several redemption finance companies we can refer you to that will provide you with a loan will have new and lower payments based upon your vehicle’s current and fair market value.

By: Isabel Searie

At Washington State Bankruptcy Attorney over 90% of individuals and families still qualify for Washington State bankruptcy laws under the 2005 bankruptcy reform act.

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Chapter 13 Bankruptcy Reform BillExemption in fef Proceeds of Sale of Exempt Property Upheld by Nicholas Ortiz, Boston Bankruptcy AttorneyLender Morality, Predatory Loan Victims, American Values.

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