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Chapter 7 is a going-out-of-business sale for the people. The idea is that you give all your property to the bankruptcy court. The bankruptcy trustee distributes and sells them then the money to the creditor far as it goes. After the money is gone, the creditors get nothing.
That's the idea. But do not lose most of the people all in a Chapter 7 bankruptcy. Bankruptcy is governed by federal law, while each state has its own rules about what property a person is entitled to keep from creditors secure. Such laws are called "homestead exemptions."
Homestead exemptions
These laws are very different. For example, allow some states such as Florida, Kansas and Texas to keep you to your home, no matter how expensive it is. There may be limited in the number of acres can hold you, but there is no dollar limit in most cases.
I say "in most cases" because the 2005 law has some limitations on how much you take and share can, no matter what the State says. For example, the homestead exemption is now $ 125,000 is limited when the property was purchased in 1215 days of the filing of the bankruptcy petition. (No, I do not know where the number.) The limit is also $ 125,000, if a court finds that the defendant had committed within five years, certain Crimes such as extortion. But apart from a few exceptions out there, debtors in some states may even hold an expensive house.
Most other states are not so generous. Massachusetts allows the debtor to keep a house worth $ 300,000. It's $ 50,000 in Idaho and $ 5,000 in South Carolina. The value of the house carried out the current market value and then deducting all loans against them, such as mortgages and equity loans charged.
Since a house is usually the most valuable asset everyone has that is likely to be an important factor in whether you choose a chapter 7 bankruptcy file, but 13th as a chapter
But even if you do not own a property considered, you must find out if you have lost nothing of value in a Chapter 7 bankruptcy in your state.
The various state laws actually itemize the different types of property such as cars, household goods and retirement accounts. Some states also have a safety net, "wild card" category for things of value that do not fit elsewhere, such as cash and jewelry. In some states, this is where the equity of your home is listed as well.
And then there are states with categories for Things that many people do not have. Michigan, for example, allows people to keep the "10 sheep, 2 cows, 5 pigs, 100 chickens, 5 roosters and six Months, the supply of feed. "Iowa allows debtors to hang on their gun and their guns to the gun, no matter how expensive, can be a firearm. West Virginia protects "immature harvest" of creditors.
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