The purpose of bankruptcy isn’t to strip you of all of your belongings-it’s to give you a fresh start. In addition to protecting the basics, you’ll likely be able to protect other things, too, like religious texts, a seat in a house of worship, or a burial plot.
If you file for Chapter 7 bankruptcy, you will get to keep your car because the exemption will protect the equity fully. In the same example, if your car is worth $15,000, the bankruptcy trustee will likely sell your car, pay you $5,000 for the exemption, and pay the rest to your unsecured creditors.
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This article explores the potential benefits, drawbacks and limitations of a bankruptcy filing for defendants seeking to manage their opioid litigation liability. Specifically, the article explores.
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You can’t sweep your business under the carpet and pretend that it doesn’t exist when you file for bankruptcy. This is true whether you’ve incorporated or you’re a sole proprietor. In both cases, your business represents assets that you own in one manner or another, so you must include details about those assets in your bankruptcy petition.
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People considering bankruptcy often want to do what they can to minimize nonexempt property (assets you can’t protect) that they might lose in bankruptcy. Often this nonexempt property is cash or a deposit account because most states don’t provide much of an exemption (if any) for cash.
However, certain banks and credit unions will freeze accounts if you file for bankruptcy to protect the bankruptcy assets. These banks will typically require proof that the money in the account is exempt (you can keep it) in bankruptcy before allowing access to the funds again.
What if I file for bankruptcy protection? debts discharged through bankruptcy are not considered taxable income. If you are an individual debtor who files for bankruptcy under chapter 7 or 11 of the Bankruptcy Code, a separate "estate" is created consisting of property that belonged to you before the filing date.
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