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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.
If the new residency requirement would render the debtor ineligible for any exemption, then the debtor can choose the federal exemptions. BAPCPA also "capped" the amount of a homestead exemption that a debtor can claim in bankruptcy, despite state exemption statutes. Also, there is a "cap" placed upon the homestead exemption in situations where ...
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]
If the new residency requirement would render the debtor ineligible for any exemption, then the debtor can choose the federal exemptions. Also, there is a "cap" placed upon the homestead exemption in situations where the debtor, within 1215 days (about 3 years and 4 months) preceding the bankruptcy case added value to a homestead.
Chapter 13 bankruptcy: The basics. Chapter 13 bankruptcy lets you reorganize and repay your debts over three to five years. You make monthly payments to a trustee through a court-approved ...
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 ...
Chancellor Jeremy Hunt announced that zero-emission vehicles will lose their vehicle excise duty exemption from April 2025.
General Motors' attorneys, however, preferred to file in the federal courts in New York, because those courts have a reputation for expertise in bankruptcy. [5] In a press conference that began four hours and eighteen minutes after the filing, the GM Chief Executive Officer, Fritz Henderson , stressed that he intended for the bankruptcy process ...