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In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the trustee to repay creditors.
Many types of taxes cannot be discharged in bankruptcy, including non-income tax debts. However, there are some exceptions for tax debt that meet certain qualifications.
The estate may also include other items, including but not limited to property acquired by will or inheritance within 180 days after case commencement. [13] For federal income tax purposes, the bankruptcy estate of an individual in a Chapter 7 or 11 case is a separate taxable entity from the debtor. [14] The bankruptcy estate of a corporation ...
This is important within the bankruptcy process, and may affect an individual's decision to file Chapter 7 or Chapter 13 bankruptcy. State exemptions vary from strict to generous. For example, Texas is more lenient in allowing your homestead and up to $60,000 in personal property. [1] Texas also exempts certain investments and insurance policies.
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
The frequency of applying for bankruptcy depends on which type of bankruptcy you’re filing, something known as the 2-4-6-8 rule. Filing Chapter 13 after Chapter 13 : Two years. Filing Chapter 13 ...
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