5 More Things to Know to Protect Your Property through Exemptions
There's a lot more to using property exemptions than just matching them to your assets. There are benefits worth taking advantage of.
5 Things to Know to Protect Your Property through Exemptions
Most of the time you get to keep everything you own when you file bankruptcy. It's all covered by property exemptions. But not always.
Using the Right Set of Property Exemptions
Usually you use the property exemptions available for the residents of your state. But not if you haven't lived there long enough.
The Chapter 7 Trustee Challenging an Asset’s Value
What happens when your bankruptcy trustee thinks you undervalued an asset? How does the trustee determine what you own and its value?
The Chapter 7 Trustee Looking into an Asset
What happens when something you own is not or may not be exempt (protected)? What does the trustee do about this and what is the end result?
“Pre-Petition” and “Post-Petition” Assets in Chapter 7
Pre-petition assets are "property of the bankruptcy estate," part of your Chapter 7 case. Post-petition assets are not.
Debts Partly Paid but then Written off in Chapter 7
If you have an "asset" Chapter 7 case, some or all of your debts are partially paid, with most or all of the remaining amounts written off.
Protect Equity in Your Home Not Covered by the Homestead Exemption
If your home is at risk because you have more equity than the amount of the homestead exemption, Chapter 7 might still save your home.
The Homestead Exemption Cap
Bankruptcy law sets a maximum dollar amount of protection for your recently-bought home, but this really applies to only a few states.
The Maximum IRA Exemption
Most pensions and other retirement funds are "exempt"--completely protected when you file bankruptcy. But there's an exemption cap for IRAs.
Upcoming Increase in Federal Property Exemptions
The federal exemptions are nudging up about 3%. But that only matters if you are allowed to use them, and are higher than your state ones.
New Bankruptcy Dollar Amounts Effective April 1, 2016
Every 3 years many of the dollar amounts in the bankruptcy statutes are adjusted for inflation. Here's a summary of the important changes.
Giving More Thanks for Chapter 13 “Adjustment of Debts”
We're lingering in the Thanksgiving spirit by appreciating what Chapter 13 has to offer.
Giving Thanks for Chapter 7 “Straight Bankruptcy”
Chapter 7 has many important features deserving appreciation.
Chapter 7 and Chapter 13–Too Much Equity in Your Home
Most homeowners contemplating bankruptcy have their home equity protected by their homestead exemption. If not, consider Chapter 13.