Sentences with phrase «as bankruptcy exemptions»

These are known as bankruptcy exemptions.

With certain exceptions, known as bankruptcy exemptions, all of the property and rights to property owned by the insolvent on the effective date of the bankruptcy vests in the trustee for the creditors.

Not exact matches

Because of the exemptions available in Wisconsin, a bankruptcy filer can keep the house as long as he / she has less than $ 75,000 of equity in the house ($ 150,000 for a married couple).

Finally, you can't be a debtor in a Chapter 11 bankruptcy, and you can't have received advance payments of the premium tax credit for yourself, your spouse, or anyone you signed up for health insurance coverage who isn't being claimed as a personal exemption on someone else's tax return.

Citing a long line of cases that include tax refunds as part of the bankruptcy estate, the court found the debtor's argument unpersuasive and ordered that he turn over the funds minus approximately $ 10,000 he had available in unused exemptions.

The court may also stop the garnishment for several reasons such as claiming of exemption and filing for bankruptcy.

Exemption laws have been enacted by every state as well as the federal government to protect the property of debtors against the claims of judgment creditors and, once a bankruptcy case is filed, the trustee.

These laws are known as exemption laws and they can have a big impact on your bankruptcy case.

Federal laws known as the federal «non-bankruptcy exemptions» protect ERISA - qualified and tax - exempt retirement accounts from creditors; these laws apply in Nevada bankruptcy cases.

In a Chapter 7 case, the most common type of personal bankruptcy, the court doesn't allow an individual to keep their assets, but most exemptions allowed under state and federal law are large enough to cover a secured debt such as a house mortgage a car loan.

But the knowledge of exemptions is still important to chapter 13 debtors, since the Bankruptcy Code requires that chapter 13 plans, in order to be confirmed by the court, must provide as much payment to the debtor's unsecured creditors as these creditors would receive in a theoretical chapter 7 liquidation.

In a personal bankruptcy, also known as «individual bankruptcy» there are exemptions that allow you to protect a certain amount of assets.

Although judgment liens that impair an exemption can usually be avoided (removed) by motion in a bankruptcy case, Courts are split as to whether a deficiency judgment that results in a lien on real estate can be removed through bankruptcy.

Additionally, you can keep up to $ 1,000 equity in personal property, such as furniture, art, and electronics, or $ 4,000 equity in personal property if you're not using the homestead exemption; up to $ 1,000 in equity of your vehicle — more if filing bankruptcy jointly with your spouse; and pensions and most retirement accounts, under federal non-bankruptcy exemptions.

As we discussed in the July 2013 AAII Journal («Inherited Non-Spousal IRAs Bankruptcy Exemption Questioned»), Heidi was the designated beneficiary of her mother's traditional IRA.

Exemptions include life events, such as homelessness, bankruptcies, foreclosures or death of a close family member.

While federal bankruptcy legislation does allow for different treatment of certain issues between the provinces, such as, for example, provincial exemptions, ideally the imposition of the federal scheme would allow for as few disparities as possible.

If you live in Connecticut or Massachusetts and are considering chapter 7 bankruptcy, Attorney Susan M. Williams can guide you in claiming allowable exemptions, as the guidelines vary from state to state.

With a Chapter 7 bankruptcy, you may keep certain assets known as exemptions under Texas law.

Wyoming bankruptcy exemptions outline the types and amounts of your property that can not be repossessed as debt payment during your filing.

Chapter 7 bankruptcy contains more specific protections, known as exemptions.

Being that the individual states set laws in regards to caps of bankruptcy exclusions, you should at least consult a list such as 50 State Creditor Exemption Rules, here is one from a Law Firm Duggan and Bertsch.