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The wild card exemption in bankruptcy is one example of an exemption. The wild card exemption allows you to keep assets or property that are not usually exempt under other Chapter 7 bankruptcy exemptions.
→ Read MoreIf you were involved in an accident, you can still pursue your usual remedies to recover damages for any injuries. Subject to some exceptions, your right to recover damages for personal injury is part of your estate.
→ Read MoreIt is possible to use bankruptcy to protect your assets depending on the type of bankruptcy you file. If you file Chapter 7 bankruptcy you’ll have to relinquish your non-exempt assets, but even then you can protect certain assets with bankruptcy by converting non-exempt assets to exempt ones.
→ Read MoreIn determining what happens to life insurance proceeds in a bankruptcy filing, the first and most important question is whether you are filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
→ Read MoreMoney rolled over from a pension into an IRA is also protected. However the law limits protection for funds in regular and Roth IRAs to $1,283,025, although this cap can be increased by the bankruptcy court. Contributions placed in a section 529 college education savings plan or in a section 530 education IRA at least 2 years prior filing for bankruptcy are off limits to creditors. An asset protection trust can be established under the laws of Alaska, Delaware, Nevada, Rhode Island and Utah.
→ Read MoreWhether your home and home equity is protected under the bankruptcy law depends on rules for exempting your home from a forced sale during bankruptcy.
→ Read MoreBankruptcy redemption is an option in a Chapter 7 bankruptcy case that may allow you to keep a vehicle or other asset that is acting as collateral for secured debt. However, redemption may not be an option for all Chapter 7 debtors because it requires them come up with cash up front. Consult a Chapter 7 bankruptcy attorney prior to making a decision about bankruptcy redemption.
→ Read MoreWhether a married couple should file a joint bankruptcy petition or a single one depends on various factors, including the type of property, the amount of community debt involved, and how the property is held.
→ Read MoreWhether or not you have to give up your personal possessions when you file for bankruptcy depends on what type of bankruptcy you file. Even if you are required to relinquish your possessions, many of your belongings are exempt and will not be considered bankruptcy assets.
→ Read MoreA tax refund in bankruptcy is automatically considered the property of the bankruptcy estate. However, if you are expecting a tax refund while you are in bankruptcy, there are ways to keep the refund from going directly to the hands of your creditors.
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