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Chapter 7 bankruptcy may allow you to exempt your vehicle if its value is under the exemption limit. The federal bankruptcy exemption limit is $4,450 until 2025, but it can vary by state.
The rules for filing personal bankruptcy in each province and territory differ slightly. In some areas of Canada individuals may be permitted to keep (exempt) certain property. Common items for exemption include clothing, furniture, appliances, motor vehicles, medical and dental aids, a home, family heirlooms, and some insurance. In basic terms ...
Under the new law, the homestead exemption, which allows bankruptcy filers in some states to exempt the value of their homes from creditors, is limited in various ways. If a filer acquired their home less than 1,215 days (40 months) before filing, or if they have been convicted of security law violations or been found guilty of certain crimes ...
A car used only for commuting to work is not a tool of the trade, but a motor vehicle can be, including a farm tractor. [12] Breeding stock can be considered, as well as a logging truck and trailer. [12] However, some cases have limited the exemption to personal hand tools and not large machinery or power tools. [12] [11]
Bankruptcy. The mere word can evoke shame, fear and dread -- and for good reason. When you file for bankruptcy, your credit score takes a major blow, possibly dropping as much as 240 points,...
The Bankruptcy Code provides that each state has the choice whether to "opt in" and use the federal exemptions or to "opt out" and to apply the state law exemptions. Florida is an "opt out" state in regard to exemptions. Bankruptcy in the United States is provided for under federal law as provided in the United States Constitution. Under the ...
Electric vehicles grew only 3.3% to nearly 270,000 during the first three months of this year, far below the 47% growth that fueled record sales and a 7.6% market share last year, according to J.D ...
The annual motor vehicle tax was replaced by the road traffic insurance tax which came into effect on 1 January 2018 and is paid through the yearly compulsory liability insurance for motor vehicles. [30] [31] While commonly referred to as a "veiavgift" ("road tax"), no road tax has ever existed in Norway.