Bankruptcy Law

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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.
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