Often your car or truck is fully protected in bankruptcy through an exemption. But if it’s worth too much bankruptcy can still protect it. How Chapter 7 and Chapter 13 affect your vehicle and vehicle loan can determine which of these options you choose. That’s why we’ve focused the last several blog posts on the differences between these options. … Read More
The Military Exemptions to the Means Test
There are two military-related exemptions from the Chapter 7 means test. They are narrow but if you qualify it can be a major advantage.
What’s Property of the Estate under Chapter 7?
To find out if you can keep everything you own in a Chapter 7 case, the first step is finding out what’s in your bankruptcy estate.
Use the Property Exemptions You Qualify For
Usually you use the property exemptions available for the residents of your state. But not if you haven’t lived there long enough.
Your Chapter 7 Trustee Disputing 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?
Rents and Profits in Bankruptcy
Beyond considering whether your assets have net value on the date of filing, do they generate rents, profits, or proceeds afterwards?
Your Assets and the Timing of Filing a Chapter 7 Case
Pre-petition assets are “property of the bankruptcy estate,” part of your Chapter 7 case. Post-petition assets are not.
Debts Partly Paid in an “Asset” Chapter 7 Case
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.
A Limit for State Homestead Exemptions
Bankruptcy law sets a maximum dollar amount of protection for your recently-bought home, but this really applies to only a few states.
Federal Exemptions of Property Increasing
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.
Higher Bankruptcy Dollar Amounts Effective April 1
Here are the rest of the important changes affecting Chapter 7 and Chapter 13 bankruptcy cases filed on or after April 1, 2016.
New Dollar Amounts in the Bankruptcy Statutes Effective Soon
Every 3 years many of the dollar amounts in the bankruptcy statutes are adjusted for inflation. Here’s a summary of the important changes.
Avoid Selling or Borrowing against Assets Protected in Bankruptcy
Give both you, AND your assets, a fresh financial start.
How Can We Use State Property Exemptions in a Federal Bankruptcy?
The U.S. Constitution makes bankruptcy a federal procedure. So why is the amount of assets you can protect different in each state?
How Does Chapter 13 Protect Possessions that You’d Lose in Chapter 7 Bankruptcy?
If your possessions are not fully protected by the available property exemptions under Chapter 7, Chapter 13 can save the day.