Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

Bankruptcy Question When filing a Chapter 13, how do I

Customer Question
Bankruptcy Question: When filing a Chapter...
Bankruptcy Question:

When filing a Chapter 13, how do I ensure that my monetary assets are protected on the forms; and does listing my home as an "usecured" debt then require the lender to prove the debt is owed by using form F?
Submitted: 6 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 23 minutes by:
10/6/2011
Bankruptcy Lawyer: WALLSTREETESQ, Attorney replied 6 years ago
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

You need to list all your assets in your schedules and if you wish to protect them,

WALLSTREETESQ :

you need to state the specific exemption laws that your State has for these assets,

WALLSTREETESQ :

In regards to your home, you need to list it is real property,

WALLSTREETESQ :

and you can list the mortgage as an unsecured creditor if you wish, however the lender than would have to show that it has a security interest in your property.

Customer :

Where do I find these "exemption laws" in my state to protect these assets?

WALLSTREETESQ :

Maryland Bankruptcy Exemptions

Unless otherwise noted, all law references are to the Maryland Code of Courts & Judicial Proceedings.

Homestead

Property you occupy to $21,625 (spouses may double). Property held as tenancy in the entirety to unlimited amount as to debts of one spouse.

Personal Property

Bus. Reg. 5-503 - Burial plot.

Bus. Reg. 5-602 - Perpetual care trust funds.

Educ. 18-1913 - Prepaid college trust funds.

11-504 - Clothing, household goods, furnishings, appliances, books, and pets up to $1,000 total; health aids; lost future earnings recoveries.

Wages

Comm. 15-601.1 - Earned but unpaid wages are exempt as follows: in Caroline, Kent, Queen Anne's, and Worcester counties, the greater of 75% of actual wages or 30 times the federal minimum wage; in all other counties, the greater of 75% or $145 per week.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans).

11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to $1,171,150.

State Pers. & Pen. 21-502 - State employees

11-504 - ERISA-qualified benefits, including IRAs, Roth IRAs and Keoghs.

Public Benefits

Labor & Employ. 8-106 - Unemployment compensation.

Labor & Employ. 9-732 - Workers' compensation.

Code of 1957 art. 24 16-103 - Baltimore police death benefits.

Crim. Proc. 11-816 - Crime victims' compensation.

Tools of Trade

11-504 - Tools, books, instruments, appliances, and clothing needed for work up to $5,000.

Insurance

Ins. 8-431 - Fraternal benefit society benefits.

Ins. 16-111 - Life insurance or annuity contract proceeds, dividends, interest, loan, cash, or surrender value if beneficiary is a dependent of the insured.

Comm. 15-601.1 - Medical benefits deducted from wages as well as medical insurance payments up to $145 per week or 75% of disposable wages.

11-504 - Disability or health benefits.

Miscellaneous

11-504 - Child support and alimony to the same extent that wages are exempt.

Wildcard

11-504(b)(5) - $6,000 in cash or any property if claimed within 30 days of attachment or levy.

11-504(f) - Any real or personal property up to $5,000 total.

Other

WALLSTREETESQ :

The link above has the above exemptions,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied with our service please press the accept button so we can receive credit

Customer :

so, how do I protect my "cash" assets? The cash mentioned is under "Wildcard" for $6,000 or did I miss it in the examples listed above? I'm filing a chapter 13 to save my home that's being sold fraudently. However, the only way to stop the sale is through the 13. I don't want to loose my savings inside the BK.

Ask Your Own Bankruptcy Law Question
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
17,253 Satisfied Customers
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS

WALLSTREETESQ is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate 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:

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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, 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!!

ElaineAtlanta, 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.

TonyApopka, 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

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I am the buyer on a land contract. The seller wants to get
I am the buyer on a land contract. The seller wants to get out of the contract to go with another offer/contract. They have threatened to file bankruptcy if we do not accept a small fee to walk from o… read more
DrakeLAW
DrakeLAW
Juris Doctorate
975 satisfied customers
Will my contracts with ATT, TV, and Cel phone be terminated
HI! will my contracts with ATT , TV, and Cel phone be terminated through bankruptcy 13 or 7? Thank you. … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I have income from 100% va disability and ssdi. Are these
I have income from 100% va disability and ssdi. Are these considered income in bankruptcy … read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,312 satisfied customers
We have only income from veterans disability and state
We have only income from veterans disability and state teachers retirement disability we are being overcome with medical bills that seem to only get worse and worse. Someone said even with the disabil… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,356 satisfied customers
I have a contract with a California corporation and the
I have a contract with a California corporation and the consideration are Pref shares of the company. There are three payments; an initial payment, 2 years later and 4 year later. Paid in thirds. The … read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,256 satisfied customers
I've been declared disabled by Social Security for almost 2
I've been declared disabled by Social Security for almost 2 years now due to severe depression and anxiety. I'm too depressed to even get out of bed. How do I convince my doctor to sign student loans … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,356 satisfied customers
Why is it legal for a creditor to get awarded a wage
Why is it legal for a creditor to get awarded a wage garnishment against me while I am in a Chapter 13?This creditor was a debt my almost ex wife had and was not notified of the chapter 13 filing I'm … read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
56,287 satisfied customers
Assignment of an executory contract in bankruptcy or a
Assignment of an executory contract in bankruptcy or a workout. If a corporation underwent an involuntary wind down. Say an ABC (Assignment for the benefit of Creditors) would the "sale of all or subs… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,356 satisfied customers
I have an Executory contract. A 10 year license of software.
I have an Executory contract. A 10 year license of software. We are the Licensor. The licensee has paid for the license with shares of its company (private). There are milestone payments. I believe th… read more
DrakeLAW
DrakeLAW
Juris Doctorate
975 satisfied customers
I'm a disabled veteran needing to file Chapter 7 bankruptcy.
I'm a disabled veteran needing to file Chapter 7 bankruptcy. What is your fee structure? Thank you, ***** ***** … read more
Michael Bradley
Michael Bradley
JD
1,192 satisfied customers
If a debtor is subject to a wage garnishment and the wages
If a debtor is subject to a wage garnishment and the wages are garnished at the employer level, what happens to the non-garnished wages? Can the creditor now just go to the bank and get the 75% of the… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,316 satisfied customers
I filed a proof of claim for wages awarded by the CA Labor
I filed a proof of claim for wages awarded by the CA Labor Commission but the earned date is outside of the 180 day threshold per 507(a)(4) to qualify for priority status. Can I tardily file a wage cl… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
We are in serious debt due to my husband's disability. He
We are in serious debt due to my husband's disability. He filed (in Philadelphia, PA) in May of 2014. His back got infected during a routine disk procedure. He has been unable to work since that time.… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
I am filing bankruptcy chapter 8. Only income is disability.
I am filing bankruptcy chapter 8 . Only income is disability. It is no taxable and I was never required to file. My attorney told me I have the file my taxes. Why is that? My account told me I am not … read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,537 satisfied customers
I am an unsecured creditor (unpaid wages awarded by the
I am an unsecured creditor (unpaid wages awarded by the Labor Commission) in a Chap 7 bankruptcy case. I just received a summary of the trustee's final report and it appears that the trustee is recomm… read more
DrakeLAW
DrakeLAW
Juris Doctorate
975 satisfied customers
I was pursuing unpaid wages from a previous employer when he
I was pursuing unpaid wages from a previous employer when he filed Chapter 7. The wages are more than 180 prior to the date of the bankruptcy filing. Is there a way to keep my claim from being dischar… read more
Bill Attorney
Bill Attorney
law
1,596 satisfied customers
I am retired military and a rated disabled veteran in North
I am retired military and a rated disabled veteran in North Carolina, and a Chapter 13 applicant since 2015. When I completed the means test, the attorney included the Veterans Disability pension into… read more
Maverick
Maverick
Doctoral Degree
6,134 satisfied customers
I .was just awarded Totay disability unemployability with
Hi, I .was just awarded Totay disability unemployability with 70% PTSD, I started payments to file chapter 7 then I got this large increase and now looking for bankruptcy law that will help me not hav… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,356 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x