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Bankruptcy – The management of assets at the time
Posted by Happy on March 09th, 2010People often ask me: "How much of my property if I can file for bankruptcy?" The answer is depending on the chapter of the bankruptcy code of the person seeking the exemption. Examples will be further examined below, in chapter distress. Two main chapters of the bankruptcy law for individuals are Chapter 7 and Chapter 13
How can I, after the declaration of assets?
Chapter 7: StateThe exceptions are in the form of clothing are available, pension funds, tools, household items and cars with a small capital. The idea of these exceptions is to ensure that debtors in bankruptcy, the situation without the foundation of a file. In addition, there are exceptions to the federal government to the debtor with greater protection of property, the supply of homes, but it is important to note that all non-exempt property are exemptwhen the bankruptcy trustee to use the assets to pay unsecured creditors.
Chapter 13, filing for bankruptcy under Chapter 13 is different from that in Chapter 7 is that the debtor has the effect of his property. Chapter 13 provides for the debtor to pay its debts in a reasonable time. Of course, that the debtor must be able to do or that tax exempt fund assets are reoccupied by the administrator. IfBorrower intends the property, Chapter 13, can not be detected. It can be returned to the creditor, as a general, unsecured creditor.
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