Before being required to provide the statement required by Section 522(q)(1) of the U.S. Bankruptcy Code, a Bankruptcy filer must first have exemptions under state law in excess of $146,450.
Bankruptcy Questions
Answers to Frequently Asked Bankruptcy Questions
Can a Wife Purchase a Husband’s Solely-Owned Home in Her Name Alone to Save it from His Bankruptcy Filing?
A wife could purchase a husband’s solely-owned using only her funds (i.e. not using any joint funds or co-mingled marital funds).
If she became the sole owner of the home, then that home would not be included as an asset in a husband’s bankruptcy case.
But it is unlikely the transaction would be ‘clear sailing.’
If Our House Was Taken In Lieu of Foreclosure, Do We List the Mortgage as an Unsecured Debt in a Bankruptcy Filing?
When a foreclosure occurs because a loan is in default, the foreclosure lawsuit and ultimate sheriff’s sale “strips” the mortgage(s) from the property, either by paying it off in full or part from the sale proceeds (or in the case of second and third mortgages, by paying a percentage or perhaps none at all).
This is done so that any new purchaser of the property can take ownership free and clear without any encumbrances.
If I Did Not Sign a Reaffirmation Agreement on My Car During a Chapter 7 Bankruptcy Filing, Can I Surrender the Vehicle Without Making Further Payments?
Absent a signed reaffirmation agreement, the debt on the vehicle is discharged once a Chapter 7 Bankruptcy is approved by the Court.
May I Pay Back Taxes to the IRS Separately from a Chapter 13 Bankruptcy Plan?
Usually, past due or delinquent taxes are paid through a Chapter 13 Bankruptcy plan.
Can I Submit an Emergency Filing to Initiate Bankruptcy Proceedings and Buy Time to Complete All the Forms?
An emergency Bankruptcy filing — or “skeleton petition” — is the filing of a limited number of the required bankruptcy forms, as compared to a complete schedule and petition.
Within 14 days after filing the emergency petition, the balance of the schedules must be filed with the Court.
Are Small Claims Judgments Discharged When a Bankruptcy Case is Completed?
Yes, small claims judgments typically are discharged upon the completion of a Bankruptcy case.
In Bankruptcy, How Do I Treat My Mother’s Checking Account if I am Listed Jointly as a Signor?
A review of the true nature of the relationship a person has to another’s checking account is in order to determine how that account might be treated under a Bankruptcy filing.
Can I Get Garnished Money Back From a Bankruptcy Creditor if it Was Taken After a Stay?
The creditor should repay the money garnished, as the garnishment is a violation of the automatic stay imposed by the bankruptcy filing.
But when the cash is returned by the creditor, the money becomes property of the bankruptcy estate (unless it is exempt) and can be used by the trustee to pay the debtor’s creditors.
Can I Reaffirm and Keep Paying on a Current, Secured Property Loan in Chapter 13 Bankruptcy?
Technically, reaffirmation agreements are available only in Chapter 7 Bankruptcy cases.
However, in a Chapter 13 case, if a debtor wishes to retain property that is secured by a loan that is current, the Chapter 13 plan can provide that the loan will be paid through (or outside of) the plan.