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It depends on your state. A few states allow you to choose the federal or the state exemptions, whichever is better for you. Homestead exemptions have gotten a lot more complicated since the changes. See the link for more specific information for your state.

http://www.exemptionsexpress.com/

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Q: How much personal property can you keep in bankruptcy?
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What is selective bankruptcy?

Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.


Can you keep rental property in chapter 7 bankruptcy?

You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.


Can you file Chapter 7 and keep your house and car?

Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.


If you have two financed vehicles can you keep them both in a bankruptcy as long as you make the payments?

When you go into business/personal bankruptcy that means you have to give up everything. However, before claiming bankruptcy many people hide things or sell off vehicles to a trusted family member or friend. This way you can actually buy the car back at a later date. People who own companies often put their home, properties, etc., in their wife or husband's name and thus, the courts can't touch these items. Believe it or not, in business (not personal bankruptcy) you can start all over again under other partners or under a different company name. Sad, but true. Personal bankruptcy is much less lenient.


Why is a financial strategy important?

A financial strategy is important because it can help you keep track of your money. You need to plan on how much you can spend and how much you earn to prevent bankruptcy.

Related questions

What is selective bankruptcy?

Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.


Can you keep rental property in chapter 7 bankruptcy?

You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.


How much value of personal property is exempt in cap 7 bankruptcy?

This is based on whether your particular state follows the federal exemptions or if only state exemptions are allowed.


Can you file bankruptcy if you own your home?

In principle, yes, but it depends on the equity in your home and how much of it you can exempt, as well as the non-exempt equity in all other assets and how much debt, income and expenses you have.


How much cash can you keep in bankruptcy?

10000 dollars


Can you file Chapter 7 and keep your house and car?

Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.


How do you use an exemption in a bankruptcy?

Each State determines how much property a person who files bankruptcy in that State may keep. So, if the person filing bankruptcy has more property than the State says they can keep, the property over and above the maximum may be sold by the bankruptcy court and the money is given to creditors. This is for the sake of fairness: It is unfair to the credit card companies for someone to file bankruptcy with $10,000 in cash in the bank and get rid of $10,000 of credit cards when they could have just paid the cards off. Or, it is unfair for someone to get to keep a $30,000 RV and get rid of $10,000 in credit cards when they could have sold the RV and paid the credit cards off. So, generally you list all real estate you own on Schedule A of your bankruptcy petition, and you list all personal property you own on Schedule B of your petition. Then, on Schedule C you re-list those pieces of property and list the State exemption (or Federal exemption if applicable) which protects each piece of property. If a piece of property is not exempted on Schedule C, it may sold by the bankruptcy court in Chapter 7, or used to increase the amount of money that has to be paid into a Chapter 13 Plan. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!


What kind of services do business bankruptcy lawyers offer?

A business bankruptcy lawyer can guide your business through the bankruptcy process, and ensure that you can maintain as much of your assets as possible while undergoing the bankruptcy process.


What is considered unexempt property in Florida?

Not much if the issue pertains to a married couple, as Florida is a TBE state. Even debtor's who are unmarried have several options for protecting property both real and personal. The largest flaw in Florida's property exemption statutes would be that pertaining to vehicles. The same exemptions that are used for bankruptcy are also applicable concerning creditor lawsuit judgments. For a listing of exempted property allowed under the new BK laws, visit Bankruptcy Action http://www.bankruptcyaction.com


When filing bankruptcy which chapter eliminates all debt?

It depends. Most any of the types can, or may not. Some considerations are if your speaking of a business (Corporation) or personal bankruptcy, if the debts are secured or not, and how much of what type of assets there are and if any of them are to be maintained after the bankruptcy as determined by the Court and creditors. There is no personal bankruptcy where secured debts or other obligations such as child support arrearages. A chapter 7 is a total liquidation bankruptcy in which the debtor can discharge all debts that are not secured including judgments, liens that have not been "perfected", stop wage garnishment, etc. The petitioner will however be required to relinquish all non exempted property.


How much property can a person keep if you file a Chapter 13?

In a Chapter 13 Petition in Bankruptcy, you are allowed to keep all of your property. This is because in a Chapter 13 Petition in Bankruptcy, your Chapter 13 Plan Payment to the Trustee partially depends on the amount of non-exempt assets you own. In other words, although you get to keep all property, the more non-exempt property you own at the time of your filing, the larger repayment percentage you would owe towards your unsecured creditors. I hope that helps. Michael A. Fakhoury, Esq.


Can you keep your rental property and still file bankruptcy?

Whether you can or can't doesn't get to the result you think....a rented house is effected by the BK just as if it wasn't...except that now the damages you cause the renters are your responsibility too!