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Whether gifts comes under exempt or nonexempt property in bankruptcy law?
Wiki User
∙ 15y ago
The way or origin of how you got it is unimportant. What it is carries. A gift of your dinning room table or work tools are exempt - because these things are exempt. A gift of your boat, vacation house, lear jet, still wouldn't be.
Wiki User
∙ 15y ago
Gifts are typically considered nonexempt property in bankruptcy law. Nonexempt property is subject to being liquidated or sold to repay creditors in a bankruptcy case. However, there may be certain exemptions or limitations depending on the specific bankruptcy laws of the jurisdiction and the value or nature of the gift. It is best to consult with a bankruptcy attorney to understand how gifts may be treated in your specific situation.
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Can they take your car through a bankruptcy when you still owe on the car?
Bankruptcy covers all you property and all your debt. Some places allow 1 car as exempt from the sale of property, but not all. You need to check your local rules and ask it be exempt at your bankruptcy hearing.
When you go bankruptcy do you have to put up your house for collatoral?
In most cases you will not lose your home during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
How much value of personal property is exempt in cap 7 bankruptcy?
This is based on whether your particular state follows the federal exemptions or if only state exemptions are allowed.
After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
What is the property limit you can include on a bankruptcy?
If by "property limit" it is meant what personal and real property can be exempted from bankruptcy, that is determined by the type of bankruptcy you must file, federal or state. To discover what the type and amount of property one is allowed to exempt you can search federal bankruptcy exemptions or (name of state) bankruptcy exemptions; in a few states the person can choose to use either set of exemptions or a combination thereof.
How can you split the house or equity in the house if your husband is in bankruptcy 13 at the time of divorce?
Generally, Home Equity up to $150,000 is exempt from a bankruptcy if the property is HOME STEADED.
What are some nonexempt's of electromagnetic spectrum?
Nonexempt means one who is not exempt - for example, from paying taxes. This doesn't seem to make sense in this context, and I suggest you rephrase your question.
If you filed a civil suit before chapter 13 was filed and then won the civil suit while still in chapter 13 can the trustee get any of the money?
It depends on the type of lawsuit and whether or not you are entitled to claim any of the proceeds as exempt. In most cases, state law determines what property you get to keep when filing for bankruptcy. This is called "exempt" property, meaning it is exempt from being used to benefit your creditors. The general rule in a Chapter 13 is that all nonexempt property belongs to the estate, including property acquired after the filing the Chapter 13. However, the debtor generally remains in possession of the property. If you properly disclosed the existence of the lawsuit in your BK filing, the Chapter 13 plan approved by the Court likely has some language addressing the lawsuit. You need to read the Chapter 13 plan to see what it says on the subject.
What happens to all your personal property in your home after chapter 7 bankruptcy?
Generally, these are exempt assets and they remain yours, preumably to take with you.
Is Time and half mandatory after 40 hours per week?
If you are a nonexempt employee, yes. If you are an exempt employee, no.
Can you file chapter 7?
Anyone who is seriously struggling with debt can file for chapter 7 bankruptcy and it is up to the court to determine whether or not you will be eligible. Chapter 7 bankruptcy is usually best for people who:* Have no steady stream of income* Have a lot of exempt property* Cannot keep up with a strict payment plan
Can you sell your property in bankruptcy and what happens to the funds of the sale?
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.
