I recently inherited a house in North Florida. I have resided in South Florida for 40+ years. I currently rent after doing a short sale on personal residence and now need to file BK. I'm confused about domicile vs homestead. Once probate is finished the N Fla home will not have homestead for tax purposes,...

I bought it 5 years ago for 32,500. The mortgage is $25,500. I owe $23,050. In order to get the mortgage I had to add extra funds- so the price would be $41,500. It is insured for $55,000.

I plan a chapter 7.

The federal exemptions are better.

I have...

My trustee rejected my use of "Tools of the Trade" exemption for a Liquor License. I need to justify this to him. Does anyone have anything to support this or a case where it was accepted?

Chapter 7, option 2, California

When I looked at the Utah wage exemption, it reads:

Wages

70C-7-103 - The greater of the following: Either 30 times the federal hourly minimum wage or minimum of 75% of disposable weekly income. Judge may approve more for low income debtor.

I am assuming...

I have a pretty complicated question. Kudos to anyone who can answer it. The creditor got a judgment against the debtor and recorded a judicial lien in the county recorder's records. A year later the debtor got married, and two months later he filed bankruptcy. In the bankruptcy, the debtor claimed...

I am currently the buyer in a land contract in Ohio. I made a down payment and have made several principal payments on the loan, all to the owner of the home.

How will the 'equity' I have in the home be viewed by a trustee if I file a chapter 7 bankruptcy? Ohio has a $20,200 homestead...

Residency Restrictions for State Exemptions vs. Federal Exemptions

by ccsjoe

In the answering of a question on the forum, it became evident that there was no easily accessible compiled list within the forum of what the 50 state residency requirements for determining exemptions...

This is just a reminder that starting in October, the chapter 7 trustees start going after income tax refunds for the taxes you will file next year. Assuming you live in a state with no exemption (which is most states) Time to start strategically planning your case if you anticipate a significant refund....

This is just a reminder that starting in October, the chapter 7 trustees start go after income tax refunds for the taxes you will file next year. Assuming you live in a state with no exemption (which is most states) Time to start strategically planning your case if you anticipate a significant refund....

Hello all. I have been researching for a while now and been reading on this site for 2 hours so please excuse any questions you guys have gone over. I just want to be sure I understood all of the information I've been sucking up so this is just a quick list of things I think I know and I would like...

My wife and I are going to have to file Chapter 7. Banks have foreclosed on real estate on which we owed over $1M and one of them is seeking to collect a six figure deficiency judgment. We have very few assets because we [foolishly] used our IRAs and 401Ks in a failed attempt to reach settlements on...

I am filing Chapter 7 in New York. This forum has been very helpful in this process. I have a car worth appx. $5200 based on kbb. I am married but I will be the only one filing for bankruptcy. I am the only one on the title of the car. I know NY has $2400 exemption for cars. Besides the car, I

My attorney says because we do not have any real estate/ mortgage, we can use our exemptions to protect our checking and savings accounts, which total around 20K. We live in Texas, and he says he will use federal exemption laws and not state. We are filing Chapter 7 due to credit cards and medical bills....

Hi all. I'm a longtime lurker and this is my first post.

My wife and I will likely be filing a joint Chapter 7 BK in Illinois before year end. We own (with no loans) 2 cars that are titled in both of our names as joint owners. They are both "clunkers", so I WAS pretty sure...

My husband and I are filing jointly so I believe we can keep both but I want to be sure. The concern I have is that the cars are still very new and are both in my husband's name. We have a 2006 Ford Mustang that we owe about $11000 on and a 2007 Chevy HHR that we owe about $11500 on. The payments total...