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 Law question
Type Your Bankruptcy Law Question Here...
characters left:
4 Bankruptcy Lawyers are Online Now

Federal Bankruptcy Law

Federal Bankruptcy Laws are the laws that govern Bankruptcies in the United States. They are used in every state, but every state has its own set of exemptions. People who are filing Bankruptcy, whether it is Chapter 7 or Chapter 13 Bankruptcy, the Federal Bankruptcy Laws are what will be used in their bankruptcy. Naturally people have questions when it comes to Federal Bankruptcy Law, below are some common questions that have been answered by the Experts.

Is a non-qualified deferred compensation plan deemed exempt or non-exempt in a Chapter 7 Bankruptcy under the Federal Bankruptcy Law?

Under federal bankruptcy law an individual’s non-qualified deferred compensation plan would be deemed exempt. This is due to the fact that under the new Federal Bankruptcy Law, practically every tax-exempt pension and retirement savings accounts are now exempt from Bankruptcy. The federal bankruptcy law was enacted in October of 2005 and no matter which state an individual lives in, it will be recognized by the Internal Revenue Service. These exemptions may be found in the Internal Revenue Code under Sections 401, 403, 408, 408A, 414, 457, or 501A. Upon this list of exemptions are Internal Revenue Services, 403bs, 401ks, and benefit plans that are well defined.

Can an individual get protection from Federal Bankruptcy Law from a foreclosure after their debts have been discharged?

If the Bankruptcy is Chapter 7 Bankruptcy and the individual is in arrears on payments then the mortgage company may go ahead with foreclosure. If the individual is able to change their Chapter 7 Bankruptcy to a Chapter 13 Bankruptcy, this individual may have the ability to make a plan which would allow them to become current on their payments over a period of five years. Chapter 13 would be the only way to put off foreclosure, but if the individual has already went through Chapter 13 and were unable to keep up on the payments there are no further options.

Under the Federal Bankruptcy Law can a 529 college fund be taken during a Bankruptcy?

Under federal bankruptcy law 529 college funds are exempt from Bankruptcy. Where the individual lives holds no bearing on if their 529 college fund, nor does it matter where it was administered, under the Federal Bankruptcy Law they are exempt. So if an individual is holding out on filing Bankruptcy for fear of losing a 529 college fund, they should go ahead and file as it exempt.

Under Federal Bankruptcy Law does a mortgage need to be included if the mortgage is already in foreclosure?

A mortgage must be included in the list of assets even if the property is in the process of foreclosure, under Federal Bankruptcy Law. The individual needs to list the mortgage as a secure debt, this way there are no future problems, as to when the debt will have been discharged.

Bankruptcy is something that many people face on a day to day basis; the Federal Bankruptcy Law is what lays out how a Bankruptcy will be handled. These individuals sometimes have to file Bankruptcy themselves to save themselves the fees of retaining a lawyer, which can be quite a challenge for them. When these people have questions they need the answers they can always turn to the Experts to answer the many complex questions that tend to arise when filing for Bankruptcy.
Ask a Bankruptcy Law question
Type Your Bankruptcy Law Question Here...
characters left:
4 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.

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:

 
 
 
  • 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
< Last | Next >
  • 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
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21181
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21181
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18387
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8488
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3846
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3384
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3299
    DVM, Emergency Veterinarian, BS (Physiology)