What can you file under a chapter 13?

Answer 1

You must disclose everything you own and everything you owe--everything. Your assets are then assigned to different classes. One class is exempt...but you must say what you have and why it is exempt. You can not choose which assets are part of the bankruptcy and which are not. Everything must be included.

When you file a voluntary bankruptcy, you are required to fill out quite a few forms. Among these are Schedule C, which is a form where you list the property that you are claiming should be exempt (meaning you think that you should 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.

Property that 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

Property that 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.

Answer 2

: ALL debts and ALL assets MUST be included. You cannot pick and chose what is included. Your entire financial obligations and assets are involved. You go BK, not a debt. : : Each type of obligation or asset are given different priorities (or status) of payment, with assets being used to pay obligations. : : Some assets and some debts may be exempt, but they are included and given that status. That basically becomes a court decision. They are included, but NOT dischargeable, like court fines, restitution, child support and some others.

Answer 3

This is asked by a person ignorant about even basic bankruptcy knowledge, probably believing you only "file bankruptcy" on certain debts, leaving out others.

You either file a chapter 13 or you don't. If you file a 7 or a 13, you must list all your creditors. A chapter 13 requires that you also file a plan, showing how you will pay the secured debt arrears, any amount you are required to pay for priority debts (taxes, water and sewer, etc), what you are required to pay for unsecured debts (0 to 100%) and the trustee fee, while remaining current on the secured debt payments, taxes, insurance, and daily expenses like food and utilities.

Answer 4

You have to file all the required documents. In those documents, you have to disclose all your assets and their values and all your debts, as well as your income and expenses. You have to file the means test. You have to file the certificate of debt counseling from a debt counseling entity approved by the U. S. Trustee. You have to file a Statement of Intention regarding any asset that is subject to a purchase-money or security agreement.

If you are thinking you can just file bankruptcy for one debt, that is illegal unless it is the only debt you have.