If I file for Chapter 7, Can I keep any property?

  • Julie

    khoảng 1 10 năm trước
  • If your property is exempt, it cannot be used to pay off debts. When you file for Chapter 7, you can choose betwen two sets of exemptions. One set is the same as the one you can use to protect your property from creditors in a lawsuit. Homeowners generally prefer this set, since it allows a much larger home equity exemption than the other set.

    These are some examples of things that you and your spouse together can keep if you use the second set of exemptions:

    A $ 15,000 interest in home and or burial plot. If you do not own either one, you can apply the $15,000 elsewhere to keep such non-exempt property as an income tax refund. You also have an $800 floating exemption, which means you can apply it to any non-exempt property.

    A $2,400 interest in one car or other motor vehicle.

    All items worth up to $400 in each of these categories: household furnishing and goods, clothing, appliance, books, animals, crops and musical instruments.

    $1,000 in jewelry.

    $1,500 worth of books or tools that you need to earn a living.

    An unmatured life insurance policy and cash value in a life insurance policy up to $8,000.

    Socal security and veterans' benefits, unemployment insurance money and pension and profit sharings plans.

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