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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.
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.
A chapter 13 plan is a document filed with or shortly after a debtor's Chapter 13 bankruptcy petition. The plan details the treatment of debts, liens, and the secured status of assets and liabilities owned or owed by the debtor in regard to his bankruptcy petition. In order for a plan to take effect, it must meet a number of requirements.
Submit copies of your most recent tax returns to the bankruptcy trustee. Be prepared to provide further documentation the trustee or court may require. Attend the meeting of creditors (341 meeting) .
Eligibility requirements for each type of bankruptcy also differ. Chapter 7 is generally available to lower-income individuals who pass a means test. ... You can keep your property if you comply ...
Back taxes is a term for taxes that were not completely paid when due. [1] Typically, these are taxes that are owed from a previous year. [ 2 ] Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether.
You can’t apply for a mortgage close on the heels of a bankruptcy. You’ll have to wait until a court or creditor approves your bankruptcy plan, you’ve discharged certain of your debts (as ...
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 ...
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