Be very careful. In a Chapter 7 you are allowed a $60k homestead exemption, $90k if you are elderly or disabled. If you have more equity (value of house - mortgage balance) than that you cannot file a 7. Similar exemptions for motor vehicles, $5000 per spouse, $10000 if you are elderly or disabled.

Answer Applies to: Colorado
Replied: 8/31/2011

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In most cases the Trustee does not take property. The only time Trustees seek property is when it is not properly exempt from the proceedings. Please speak with a Bankruptcy Attorney to protect yourself!

Answer Applies to: New Hampshire
Replied: 8/31/2011

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You can protect it up to a exemption amount.

Answer Applies to: Washington
Replied: 8/30/2011

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You will most likely be able to exempt your house in its entirety and therefore, keep the property. You will then have $1,000 exemption per person for personal property and $1,000 exemption per person for a vehicle. If you are not exemption your home, you will each receive an additional $4,000 exemption to apply to property or vehicles. I would sugget getting an appraisal of the truck and mototcycle with a trustee approved appraiser to dtermine the value. After aplying the exemptions to the value, the remaining amount will have to paid to the trustee to "buy back" the property and keep them. If you did not wish to make payment, you could decide t osurrender the property to the trustee who would sell it and distribute the funds to your creditors.

Answer Applies to: Florida
Replied: 8/30/2011

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You will most likely be able to exempt your house in its entirety and therefore, keep the property. You will then have $1,000 exemption per person for personal property and $1,000 exemption per person for a vehicle. If you are not exempting your home, you will each receive an additional $4,000 exemption to apply to property or vehicles. I would suggest getting an appraisal of the truck and motorcyle with a trustee approved appraiser to determine the value. After applying the exemptions to the value, the remaining amount will have to paid to the trustee to "buy back" the property and keep them. If you did not wish make payments, you could decide to surrender the property to the trustee who would sell it and distribute the funds to your creditors.

Answer Applies to: Florida
Replied: 8/29/2011

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It all depends on the value of the motorcycle. The home will be safe, the truck depends on the value, if you use all your exemption toward the truck ($2,000 for you and $2,000 for your husband), then up to $4,000 of the truck's value will be exempt. The motorcycle might be an issue unless the value of the truck is below $4,000 and the value of the motorcycle is also low, and then you can somehow squeeze it within the allowed exemptions.

Answer Applies to: Florida
Replied: 8/28/2011

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Depends on your equity income and debts.

Answer Applies to: California
Replied: 8/26/2011

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Property than is non-exempt will be liquidated by the chapter 7 trustee. If you own a house with equity a certain amount can be protected. Also vehicles of a certain amount of equity can be maintained. Consult with an attorney as to the applicable exemptions for the facts in your case.

Answer Applies to: California
Replied: 8/26/2011

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In most Chapter 7 cases the value of the equity in a home and cars is within the exemption and you will not have them taken in bankruptcy. You will still have to pay the secured creditors on the vehicles and the home to continue to keep them. You should find the value of the items and ask an attorney if the exemption will cover your equity.

Answer Applies to: Colorado
Replied: 8/26/2011

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The answer to "What can I keep in bankruptcy? " can be complicated. You should talk to a bankruptcy attorney. Many attorneys offer initial consultations at no cost. The answer to your question depends on exactly how your home and vehicles are titled right now. No, you can not change over the titles before you file. Generally speaking, you may each keep a vehicle, if it is titled in your separate name and it is worth less than $3,450.00 on the open market. Not necessarily a "Blue Book". If you owe money on the vehicle, you can add the amount you owe to the $3,450.00 I quoted. If you owe more money on any car than it is worth, you can also keep it. You are allowed to keep your home if you owe as much or more on it as it is worth. If the home is worth more than all of the mortgages, then you can keep it if you it is not worth more than 21, 625.00 more than the mortgage. If both of you are actually on the deed, you can add on an extra $21,625.00 of value. Most of the time people do not need to have their homes appraised, but it's a good idea, if you think there is doubt as to the value of your home. But like I said, see an attorney about this. They can really improve your situation and it usually costs nothing. So what are you waiting for? Go. Good luck.

Answer Applies to: Ohio
Replied: 8/26/2011

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Social Security income is exempt as long as you are not commingling it with non exempt funds. You are entitled to certain exemptions under Nevada law if you have lived in Nevada at least 730 days. These exemptions include a home, and one car per person. A motorcycle would count as a car. So you should be protected. The vehicle exemption is $15,000 equity per person.

Answer Applies to: Nevada
Replied: 8/26/2011

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That depends on how much, if any, equity you have in those things. Go see a lawyer to sort that out.

Answer Applies to: California
Replied: 8/26/2011

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It depends on the value. Talk to a bankruptcy attorney.

Answer Applies to: California
Replied: 8/26/2011

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You have certain value of assets you can protect. What you need to know is the value of your property and if you can protect it. If the value of your assets exceeds the value of your exemptions, then yes, the court could sell your assets. Seek legal advice to make sure you know how much you can protect in your bankruptcy before you file.

Answer Applies to: California
Replied: 8/26/2011

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You can exempt (keep) certain properties in bankruptcy. You have to know how much these are worth and how much you owe and what the exemption is. Please find a bankruptcy lawyer near you at nacba.org.

Answer Applies to: Virginia
Replied: 8/26/2011

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You are allowed up to $90,000 of equity in your home and $20,000 of equity in motor vehicles, which includes the motorcycle. Equity is computed after you deduct the loans and mortgages. Thus, if your equity is less, then you can file Chapter 7 and keep your home, car, and motorcycle, but if the equity is more, then you would risk losing those assets by filing Chapter 7 and a Chapter 13 may be the wiser course of action.

Answer Applies to: Colorado
Replied: 8/26/2011

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It depends upon the amount of equity you have in the vehicles and the home. You each have a $10,000 exemption to apply to the house and a $3500 each in equity in vehicles so the bankruptcy trustee will not sell them unless the equity in the house exceeds $20,000 and $7000 in the vehicles.

Answer Applies to: Georgia
Replied: 8/26/2011

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You may not be required, but you should discuss with an attorney. If you have a home, you only get 2000.00 of exemptions for personal items.

Answer Applies to: Florida
Replied: 8/26/2011

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The determination of what assets are at risk in a Chapter 7 bankruptcy is based on individual circumstances. With that said, there is a very good chance that you will not lose any assets in a Chapter 7 bankruptcy. Many assets are exempt (protected) from the bankruptcy estate. Your attorney can help you to determine the best strategy to protect most or all of your assets. In Massachusetts we are allowed to choose from two different menus of exemptions those provided in the Bankruptcy Code and those provided (primarily) under Massachusetts law. The biggest factor that will help determine which set of exemptions to choose is based on the amount of equity that you have in your house. Chances are, with a good strategy, most if not all of your assets will be protected.

Answer Applies to: Massachusetts
Replied: 8/26/2011

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Not if it falls within the exceptions provided in the bankruptcy code

Answer Applies to: New York
Replied: 8/26/2011

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That depends on the value of your home and the other property less what you might owe for the mortgage and vehicle loans, if any.

Answer Applies to: California
Replied: 8/26/2011

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Probably not, but it depends on the value, or more specifically, the amount of equity you have in those properties. Without knowing this information, its hard to answer this question with certainty.

Answer Applies to: California
Replied: 8/25/2011

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