Bankruptcy Exemptions

Fort Wayne bankruptcy attorneys know firsthand that simply filing for personal bankruptcy does not mean that you will lose all of your personal property. Most of the time, with Fort Wayne bankruptcy attorneys working with you, people keep all of their essential personal property. It is actually quite rare for someone to lose their car or home after filing for personal bankruptcy.

You will not lose all of your personal property due to bankruptcy exemptions. These come into play when you file for chapter 7 personal bankruptcy, which Fort Wayne bankruptcy attorneys also call liquidation or straight bankruptcy. Chapter 7 personal bankruptcy sees a court appointed trustee helping you liquidate your nonexempt personal property to help you pay back your creditors.

To help keep your property from getting liquidated, you protect it with bankruptcy exemptions. There is a set of federal bankruptcy exemptions and also, generally, a set of state bankruptcy exemptions. Which bankruptcy exemptions you are allowed to use differ from state to state.

Many states allow you to use federal bankruptcy exemptions in conjunction with state bankruptcy exemptions. Other states require you to choose between using federal bankruptcy exemptions and state bankruptcy exemptions. Some states opt out of the federal bankruptcy exemption system altogether, though a few still along you to use supplemental federal bankruptcy exemptions with state bankruptcy exemptions.

The state of Indiana allows you to use federal bankruptcy exemptions along with state bankruptcy exemptions. Naturally, you will not use all of the bankruptcy exemptions that are available to you. The bankruptcy exemptions you use will depend upon the particulars of your bankruptcy case.

State of Indiana bankruptcy exemptions include homestead, tools of trade, wages, and even a wild card, which means you can exempt $ 4000 of real estate or other personal property. Fort Wayne bankruptcy attorneys will inform on how best to proceed with bankruptcy exemptions.

For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.

Considering a Chapter 7 bankruptcy but worried about which property you’ll have to sacrifice and which property will be exempt? Or are you thinking about a Chapter 13 but not sure if you’ll be able to afford the payments based on which property is exempt or not? Today I’d like to share a little about the exemption laws and help you understand which property you get to keep out of bankruptcy and why.

Hi, I’m David Candler Hicks of Alliance Legal Group. We’re a Florida law firm that focuses on helping clients facing bankruptcy. Many of our clients are interested in pursuing bankruptcy but are afraid of losing certain key pieces of their property or have concerns that they will not be able to afford a repayment plan because certain properties may have to be paid off. So, let’s discuss which property is exempt in bankruptcy and why.Topic

Bankruptcy exemptions are an important part of both Chapter 7 and Chapter 13 bankruptcies. In Chapter 7 bankruptcy, exemptions determine which properties you get to keep and which you may have to sacrifice so a trustee can sell it to pay your unsecured creditors. In Chapter 13 bankruptcy, exemptions determine how much you will have to pay to nonpriority, unsecured creditors through your Chapter 13 plan.

There are a number of rules that determine your potential personal property exemptions in a Florida bankruptcy. For example, Florida has a vehicle exemption of up to ,000. If your car is worth less than ,000, then your car is exempt. On the other hand, if your car is worth ,000, and you still owe ,000, the trustee could sell the car, pay off your ,000 car loan, and use the remaining ,000 to satisfy any unsecured debts.
There are also some administrative costs associated with selling your property, so if it’s not worth significantly more than the exemption amount, the trustee may not bother trying to sell it. A couple of the most common exemptions are the home one lives in, or their “homestead” and their daily driving car.

Have more questions about exemptions applicable to your situation? At Alliance Legal Group, we have helped scores of clients find clarity in the bankruptcy process. We’d be happy to discuss the circumstances of your situation in a free, no obligation consultation. I’m David Candler Hicks Alliance; have a wonderful day!

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