How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
3 Bankruptcy Lawyers are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Exempt Property in Bankruptcy

What is exempt property?

The term exempt property according to the law of property in many different states is that property cannot be passed down by a will or claimed by the creditors of the deceased when the deceased had left their spouse or dependants. Normally, exempt property will include a family car, a certain amount of money or something equal to value in person property.

In the state of Maryland when claiming exempt property on a vehicle would the individual use Chapter 11 U.S.D. 552 b2 or b3?

According to Md. Code Ann. Cts. & Jud. Proc. 11-504 (b) (5), (f): $6,000 of cash or property; must claim exemption within 30 days of levy or attachment, and for the Md. Code Ann. 11-504 (f): An additional $5,000 in any personal property. The Maryland law does in fact require an individual to use exemptions within the state law not the United States Bankruptcy Code. In this case B3 would consider a person using the State exemptions which would be correct. The condition of the United States Bankruptcy Code does offer the exemptions that can normally protect a person’s possessions against either being taken or liquidated for the advantage of the creditors in the case of bankruptcy. The individual will have the ability to make the choice as to whether or not they choose between the federal exemptions of B2 or B3 where these are considered the States exemption. In the state of Maryland the individual will have to use the B3 exemptions.

In the state of Massachusetts is profit sharing plans considered exempt property in bankruptcy the same as the 401k rules?

In this case profit sharing plans are exempt when filing for bankruptcy. The Federal Bankruptcy law according to 11 U.S.C. Section 522 (a) (3) (C) and the Massachusetts Mass. Gen. Laws Chapter 32, 41 exempts income, profit sharing and stock bonus places along with the Individual Retirement Accounts, any late reimbursement plans that will include the 401(k) account.

What is the difference between exempt and non exempt under Chapter 7?

Non exempt property includes:
• Costly musical instruments, that is unless the nonpayer is a musician;
• Any kind of collections (stamps, coins);
• Family heirlooms;
• Bank accounts, amounts of money, and other investments;
• A car or truck that isn’t their primary vehicle; and
• A house that isn’t their primary home

As for Exempt property this includes:
• Vehicles that are a certain value;
• Required clothes;
• Required household items;
• Household appliances;
• Jewelry that equal a certain value;
• Incomes;
• A part of the nonpayer’s home;
• Materials related to the nonpayer’s profession up to a certain amount of value;
• Public benefits that can include social security, unemployment reimbursement etc; and
• The damages that is granted for personal injury

Under the bankruptcy law can an individual change their bankruptcy request to exempt property that was not exempted previously?

In this case the individual will have the ability to change under any Schedule, including Schedule C anywhere before the bankruptcy case is completed. They are allowed to change their exemptions and add any additional exemptions that were not before included in the Schedule.

When filing for bankruptcy depending on the case often times the individual is allowed to keep all or part of their possessions. There are specific possessions that the individual will be allowed to keep; these different materials may be unknown to someone who has never filed bankruptcy before. For more information as to what items are included in the exempt property claims contact the Legal Experts online.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
3 Bankruptcy Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Exempt Property Questions

< Last | Next >
View More Bankruptcy Law Questions