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Recent Exemptions questions

In personal bankruptcy, what can they take? If you have a

In personal bankruptcy, what can they take? If you have a house and a lot of little things in the house like furniture, clothes, books, etc. All the personal things people normally have that wouldn't typically be worth much to other people, would they look to sell all of that stuff and put the person out on the street or is there a certain amount of property one is expected to be able to keep?

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Rovena Andoni

Juris Doctor

18 satisfied customers
We lease a home that is furnished. Virtually everything in

We lease a home that is furnished. Virtually everything in the home is owned by the lessor. We also have a judgement against us that would make us vulnerable to a constable coming to the door to seize assets. If a sheriff comes to the door what do I tell him inasmuch as we don't own any of the furnishings? Any other personal property in the house is well within the limits of allowed exemptions.

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Phillips Esq.

Attorney

Juris Doctor

20,692 satisfied customers
For DrakeLAW****, To recap - 1) I am 11 months into a

ForCustomer***Hi, Rich,To recap -1) I am 11 months into a Chapter 13 bankruptcy. My plan has been confirmed and an order on the Trustee's Motion to Allow Claims has been issued.2) My schedules include pre-petition debts owed to my condominium association. For a portion of the debt, the association obtained money judgments (one in 2013 and one in 2014). That portion totals approx. $19,500 and I scheduled it as secured debt. The remaining portion of the debt is approximately $10,500 and the association had neither obtained a money judgment nor recorded a memorandum of lien for the debt at the time I filed bankruptcy. Therefore, I scheduled it as 'unsecured' debt. The association has not submitted proofs of claim for the secured or unsecured debt.3) In our prior conversation on the subject, you raised concern as to whether the unsecured debt would somehow attach to the prior debt for which they obtained judgments. I am still unclear on this as I don't think we reached a conclusion. I will attach some documents that hopefully will help to reach a conclusion.4) I found language in the condo docs that indicates that a new purchaser of a unit is 'jointly and severally liable with the selling unit owner' for all unpaid assessments up to the time of sale. In the context of my bankruptcy, I wonder if this means that anyone who purchases my condo could still be pursued by the association for payment of the unsecured portion of the debt (even if it is discharged for me personally)? As for the legal technicalities for something like this - I believe it would be too late for the association to record a memorandum of lien for the debt (b/c Va code requires that such lien be filed within 90 days of the first assessment becoming overdue).....but could they still pursue a new owner for a money judgment? (This of course will affect the marketability of my unit you see!).

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I went through a tornado in 2015. A man without any

I went through a tornado in 2015. A man without any contract, or permits started to take my roof off, and put a new one on. He is now suing me. Would my VA compensation be exempt to pay him. as I understand VA compensation is exempt from creditors. The man is using a two word latin clause to excuse him from making a mistake, and coming to my house.

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legalg

Juris Doctorate

16,138 satisfied customers
I meant $5,442 for Trustee's fee from previous inquiry. So,

I meant $5,442 for Trustee's fee from previous inquiry.So, as you know now I have 2 unsecured creditors. Student loan ($7,381) and a CC ($1,025). And also, yes I have 1 Secured Car (the monthly payment, which I am ON-TIME for every month is $576.47). My mortgage arrears is $54,427.74.Now I am confused because I only factored in my Mortgage Arrears into my Plan, and the Trustee's fee.....My TOTAL MONTHLY TAKE-HOME PAY AFTER TAXES IS $6,350. MY WIFE'S IS $1,000 SO TOTAL MONTHLY INCOME IS $7,350. RIGHT NOW, I HAVE MY TOTAL MONTHLY EXPENSES FROM SCHEDULE J AT $6358.69. I WANT TO DO 5 YEAR PLAN.Please help, sir. You are life-saver.

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I am doing a Ch. 13. I have 2 secured creditors (main one is

I am doing a Ch. 13. I have 2 secured creditors (main one is my mortgage arrears, $54,427.74; the other one is my car loan which I am making on-time payments for). What relevance, if any, does the fact that my 2 additional creditors (both unsecured) are BOTH LISTED AS BEING CHARGED-OFF??? One of the unsecured creditors is my student loan (amount $7,381) and my other one is a credit one credit card (amount $1,025). Both are charged-off.What relevance does this have that they are charged-off? I still list them in my paperwork etc. correct? Please explain because I am having difficulty understand what you meant last time when you said, "Because your plan payment must pay to your unsecured creditors at least as much as your non-exempt property. So, the higher your non-exempt property, the more you need to pay to unsecured creditors."?As of now, the math I did to calculate my 5 year Plan was based soley on:1. $54,427.74 (my mortgage arrears) = 90%2. $5,987. 52 (trustee) = 10%=$59,875.22and my 5 year plan was = $997.92 (I did $59,875.22 divided by 60 months).Am I doing my Plan wrong?

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I am having difficulty completing "SCHEDULE C :THE PROPERTY

Hi. I am having difficulty completing "SCHEDULE C :THE PROPERTY YOU CLAIM AS EXEMPT" in my Ch. 13 Paperwork. I am attaching my PDF of this file for you to help me answer Questions 1-3 in Schedule C.So, my questions for you for Schedule C. I live in FLORIDA, I have a house I want to keepand 2 cars I want to keep. The 1st is a car I have paid off fully (my Chevy Pickup), and the 2nd car is my Chevy Acadia which I also want to keep (Amount Owed is currently at $10k and the NADA value of it is $8,500).Please help me answer the questions on Schedule C as follows:1. Which set of exemptions are you claiming? Check one only, even if your spouse is filing with you. You are claiming state and federal nonbankruptcy exemptions. 11 U.S.C. § 522(b)(3) You are claiming federal exemptions. 11 U.S.C. § 522(b)(2)2. For any property you list on Schedule A/B that you claim as exempt, fill in the information below:---->WHAT DO I PUT UNDER BOX STATING "Specific laws that allow exemption" for:A. MY HOUSEB. MY FIRST CAR (IT'S PAID OFF, AND THE NADA VALUE IS $10,000)C. MY 2ND CAR WHICH I HAVE A CAR LOAN THAT I AM CURRENTLY ON-TIME PAYING FOR AND WANT TO KEEP (AMOUNT OWED IS $10; WHILE NADA VALUE IS $8,500)***Note: I am a FL resident.Lastly, please also help me answer Question 3 in the file:3. Are you claiming a homestead exemption of more than $155,675?

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WALLSTREETESQ

Attorney

Doctoral Degree

18,178 satisfied customers
I recently filed chapter 7 bankruptcy and I am looking to

I recently filed chapter 7 bankruptcy and I am looking to take some online courses. I have the money in savings to pay for the courses. Am I allowed to do that?

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TJ, Esq.

Juris Doctor (JD)

11,622 satisfied customers
Bankruptcy question-i have investment property in an LLC.

Bankruptcy question-i have investment property in an LLC. Years back I refinanced it and co signed the note along with my LLC in order to get the refinance. I am now looking to file chapter 7 to get rid of debt and do a mortgage modification on my personal home so I can keep my home. I don't care about the investment property and i am willing to let the bank foreclose on it. I was informed that even if I file chapter 7, the note will stay on my personal home along with the 2 mortgages I currently have now. Is this true?

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TJ, Esq.

Juris Doctor (JD)

11,622 satisfied customers
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