Filing for Bankruptcy: What Can You Protect?

And if you file for bankruptcy, you're taking a big step towards getting. Check the specific legislation in your state to find out what's protected.

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When you file for chapter 7 bankruptcy, one of the questions you will be asked is whether you have any expected assets coming in. A tax refund is an example of an expected asset, so once you receive it, creditors are allowed to claim it if you have already exceeded all of your Florida bankruptcy exemptions.

Protecting assets in bankruptcy: Talk to an attorney If you are considering filing bankruptcy and have considerable assets to protect, talk to an attorney. Do not attempt to hide or conceal or transfer or sell your assets prior to discussing your intentions with a bankruptcy lawyer.

The tenant has 30 days from filing the certification to pay the amount owed. If the tenant cures the default, the tenant must file a second certification with the bankruptcy court and serve the landlord. A landlord can object to either certification, and the bankruptcy court will hold a hearing within ten days of the objection. If the landlord prevails, the court will lift the stay and the eviction may proceed. What If the Tenant Has.

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Exemptions play different roles depending on whether you are filing a Chapter 7 or Chapter 13 bankruptcy. chapter 7 bankruptcy. chapter 7 bankruptcy is a liquidation bankruptcy where the appointed trustee sells off your nonexempt assets to pay your creditors. Exemptions help you to protect your assets in Chapter 7.

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Bankruptcy laws also protect financially troubled businesses. This section explains the bankruptcy process and laws. About Bankruptcy Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with.

 · In addition, different states offer different acreage allowances for city and rural properties. Beyond that, the equity you have in your house also can be important to protect, because most states have an exemption allowing a certain amount of that equity to remain with the homeowner in the event that the home is sold by the bankruptcy trustee.