In any Chapter 7 bankruptcy case, the person in debt has to give up some belongings to his or her designated trustee to let he or she can sell the property or belongings and use the proceeds to settle financial obligations. Property within the bankruptcy estate is roughly stated in Section 541 in the Bankruptcy Code. The estate is technically the legitimate manager of all of the debtor's possessions and consists of all legal and interests that the individual has in property at the beginning of a bankruptcy. Income that a person brings in subsequent to the filing of the documents are not contained in the estate.
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Those bogged down by debt, regardless of whether they're organizations or an individual, usually are naturally anxious about what they'll be allowed to retain and what they have to hand over. An experienced bankruptcy attorney can answer these and various other concerns, allay anxieties and keep your procedure moving forward as easily as is possible.
A consumer will need to file an inventory of exempt assets to the court. Exempt assets are items that the debtor may protect from being sold. The Bankruptcy Code empowers every state to adopt its own exemption guidelines, which the debtor can choose instead of the federal exceptions. It's very helpful to consult with a lawyer who can clarify the exemptions provided under your area's laws and regulations and how they match up to the range of federal exemptions.
Items which the individual usually has to lose include things like costly instruments, unless the individual is a professional music performer; heirloom collections of stamps, antique coins and other valuable objects; antique family treasures; cash, bank accounts, stocks and shares and other investments; an extra car or truck; and a second home or vacation home.
Certain types of property are exempt, meaning that the debtor can keep that property. Exempt property may include autos (up to a specified value); essential apparel and fundamental goods and furniture; household appliances; pieces of jewelry, up to a certain value; retirement benefits; part of the equity in the debtor's home; equipment for the debtor's trade or profession, again to a certain value; some of unpaid but generated salary; government benefits including welfare, social security and unemployment compensation, accumulated in a bank account; and compensation accorded caused by prior accidental injuries.
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