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When you file bankruptcy, you are required to fill out quite a few bankruptcy papers. Among these are Schedule C, which is a form where you list the property you are claiming should be exempt (meaning you get to keep it).
Both federal and state laws provide exemptions for certain property that a debtor is allowed to claim as exempt. What property is eligible for exemption status varies from state-to-state; however, some states allow you to choose whether to use the federal exemptions or your state's exemptions. If federal exemptions allow you to keep more property than your state's exemptions, then you should opt for federal, provided your state allows it (not all states allow you to choose between federal and state exemptions).
The following states DO ALLOW you to use the federal bankruptcy exemptions if you want: Arkansas, Connecticut, Washington, D.C., Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Washington, and Wisconsin.
The following states DO NOT ALLOW you to use the federal bankruptcy exemptions: Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming. If you do not use the federal exemptions (either by choice or requirement), you are also allowed to use the federal non-bankruptcy exemptions.
What property is exempt under federal law?
Remember that only 15 states and Washington, D.C. allow you to use the federal bankruptcy exemptions (see above). These exemptions can be doubled if you are filing bankruptcy jointly with your spouse --
Personal and Real Property:
(1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, Musical Instruments)
(2) Jewelry: Up to $1,075.00
(3) Vehicles: Up to $2,575.00
(4) Work tools (implements, books and tools of trade): Up to $1,625.00
(5) Health aides (wheelchair, etc.): Unlimited
(6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption)
(7) Real estate (house, co-op or mobile home): Up to $16,150.00
(8) Any property: Up to $8,075.00 of unused portion of real estate exemption
Wages, Pensions, Recoveries and Benefits:
(1) Wages: None
(2) Wrongful death funds: Amount needed for support
(3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss)
(4) Lost earnings payments: Unlimited amount
(5) Retirement benefits: Amount needed for support
(6) Alimony / child support: Amount needed for support
(7) Unemployment compensation: Unlimited amount
(8) Veterans benefits: Unlimited amount
(9) Social security benefits: Unlimited amount
(10) Public assistance: Unlimited amount
(11) Crime victims compensation: Unlimited amount
Insurance:
(1) Disability: Unlimited amount
(2) Unemployment benefits: Unlimited amount
(3) Unmatured life insurance: Unlimited amount
(4) Life insurance policy loan value, dividends or interest: Up to $8,625
(5) Life insurance proceeds: Amount needed for support
What property is exempt under state laws?
In general, most states allow you to keep much of your personal property, particularly that which has little or no value. You can even keep collateralized property in certain circumstances (of course, you have to reaffirm the debt).
Personal property includes tools that you use to earn a living (although there are limits on this); your clothing; and all of your household goods. As to your income, usually about 75% of your wages, and all of your unemployment and welfare benefits, worker's compensation, pensions, and insurance benefits are exempt. Most states allow you to double the amount of the exemption if you're married, but not all states, so make sure your state allows this before doing any calculations.
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How long should you keep bankruptcy paperwork?
Paperwork relating to the bankruptcy should be kept until at least the bankruptcy is off your credit report.
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 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.
Can a person keep and file bankruptcy if the home is under any mortgage?
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
Can you file bankruptcy and keep your home to rent it?
yes in texas and south carolina
Can I keep my house and car out of a bankruptcy?
You are normally allowed to keep the house you are living in and one car in a bankruptcy.
Can you keep your house if bankruptcy is dismissed for non-payment?
That decision is made by the lender not the bankruptcy court.
Can you keep your house while going into bankruptcy?
No.
Can you keep an account and not list it in a bankruptcy?
Yes.
How long should you keep bankruptcy paperwork?
Paperwork relating to the bankruptcy should be kept until at least the bankruptcy is off your credit report.
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 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.
Can you keep your home in a bankruptcy in NC?
It depends on which "chapter" of bankruptcy you file. I suggest you speak with an attorney to see what you can do.
If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
How much cash can you keep in bankruptcy?
10000 dollars
How long does Equifax keep a bankruptcy on file?
Generally ten years from the time of the last (closing) activity of the said bankruptcy.
Can you keep your home if you file chapter 13 bankruptcy?
yes
