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"Exemptions"
In the rare event (in this depressed housing market) that a foreclosure sale yields surplus funds beyond that needed to satisfy the mortgage, the prior homeowner receives those funds; those funds are protected from other creditors and the bankruptcy trustee under Colorado’s Homestead exemption.
May 10, 2011, Colorado Bankruptcy Court judge B. Campbell issued the [...]
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My wife and I have filed chapter 7 bankruptcy proceedings. How will this action affect our assets such as automobiles, housing, etc. What assets are exempt, or put another way, what, other than debt, can we expect loose.
Answer:
Not to be flippant, but don’t you think you should have figured that out, i.e. [...]
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I bought a franchise in 2009. I’ve been getting by, but only by borrowing money to keep the business afloat. I believe I’ve gotten myself in over my head. I’ve used personal credit cards for business expenses and I don’t want to borrow any additional funds. I’d like to get out [...]
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For additional information on this topic, see these articles.
Will the Bankruptcy Trustee Take My Tax Refund?
Tax Refunds And Bankruptcy, What Can You Do With A Tax Refund?
What Happens To Tax Refunds In [...]
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How is the value of residence jointly owned with wife determined: Appraisal, market analysis, liquidation value? This is for determining, exemption status. Also, if value of rental property is about the same as owed, can it be retained?
Answer:
First, your question is a bit confusing; you want to determine the value [...]
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Can I borrow from my 401k after filing a Chapter 7 bankruptcy, but before it’s discharged?
Answer:
By the letter of the law, the answer is no. Even though in most states 401(k)’s are exempt assets and therefore cannot be touched or seized by the bankruptcy trustee, 401(k)’s are still [...]
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The Maine Homestead Exemption and the Wildcard: If you rent can you use the Homestead exemption part in the Wildcard for personal property up to $6000?
Answer:
I cannot speak to the specific interpretation of Maine’s so called “wild card” exemption, but the statute in question is Me Rev. Stat. [...]
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We filed chapter 13 bankruptcy on 12-09, could a tax refund for 2009 (filed in Jan/Feb 2010) be considered an asset? I would like to use Georgia’s wild card exemption to keep a little of it.
Answer:
Strictly speaking, income of any kind is a type of asset. In chapter 13 bankruptcies a tax [...]
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Can a credit card company who obtains a judgment against me take my car, even if it’s not paid for?
Answer:
Yes, in Colorado and many states, it is “possible” for a judgment creditor to seize a vehicle. However, it is a very rare tactic. In Colorado you can protect up to $5,000 worth [...]
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If I don’t pay my credit cards, can my creditors sue me and put a lien against my home. What does the Homestead Act do?
Answer:
First, what is the end-game for your financial challenges? Why would you let things spiral so out of control as to let your creditors get judgments against you? [...]
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