● What is the difference
between Chapter 7, Chapter 11, and Chapter 13? ● Which debts are
dischargeable? ● Which debs are not
dischargeable? ● Will I be able to keep my property (e.g.,
car, house, etc.) if I file bankruptcy? Yes and no. There are
certain types and amounts of property that you are allowed to keep in a
Chapter 7 bankruptcy depending on the state in which you file. In ○ MD exemptions In the ○ DC
exemptions
○ Federal exemptions The Federal exemptions
allow you to keep: ○ Up to $18,450 in real
property or personal property used as a residence or a burial plot ○ Up to $2,950 in value
for one motor vehicle ○ Up to $475 in value in
any particular item or $9,850 in aggregate value, in household furnishings,
household goods, wearing apparel, appliances, books, animals, crops, or
musical instruments, that are held primarily for the personal, family, or
household use ○ Up to $975 in value for
any property, plus up to $9,250 of any unused amount of the exemption
provided for the real property exemption ○ Up to $1,850 in
implements, professional books, or tools, of the trade ○ Any unmatured life
insurance contract owned by the debtor, other than a credit life insurance
contract ○ Up to $9,850 less any
amount of property of the estate transferred in the manner specified in
section 542(d), in any accrued dividend or interest under, or loan value
of, any unmatured life insurance contract owned by the debtor under which
the insured is the debtor or an individual of whom the debtor is a
dependent; professionally prescribed health aids ○ The debtor's right to
receive a social security benefit, unemployment
compensation, or a local public assistance benefit;
a veterans' benefit; a disability, illness, or
unemployment benefit; alimony, support, or
separate maintenance, to the extent reasonably necessary for the support of
the debtor and any dependent of the debtor; a
payment under a stock bonus, pension, profit sharing, annuity, or similar
plan or contract on account of illness, disability, death, age, or length
of service, to the extent reasonably necessary for the support of the
debtor and any dependent of the debtor, unless— ● such
plan or contract was established by or under the auspices of an insider
that employed the debtor at the time the debtor's rights under such plan or
contract arose; ● such
payment is on account of age or length of service; ● such
plan or contract does not qualify under section 401(a), 403(a), 403(b), or
408 of the IRC of 1986 ○ The debtor's right to
receive, or property that is traceable to: ● an
award under a crime victim's reparation law; ● a
payment on account of the wrongful death of an individual of whom the debtor
was a dependent; ● a
payment under a life insurance contract that insured the life of an
individual of whom the debtor was a dependent on the date of such
individual's death; ● a payment, not to exceed
$18,450 on account of personal bodily injury, not including pain and
suffering or compensation for actual pecuniary loss, of the debtor or an
individual of whom the debtor is a dependent; or ● a
payment in compensation of loss of future earnings of the debtor or an
individual of whom the debtor is or was a dependent ○ Retirement funds to
the extent that those funds are in a fund or account that is exempt from
taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the
Internal Revenue Code of 1986
● How long does it
take to get my debts discharged? ● How will the new
bankruptcy law affect my ability to obtain a discharge? ● Will my creditors be able to keep calling
me? ● How long do I have
to wait to file for bankruptcy if I have filed before? ● How long will a
bankruptcy remain on my credit? ● What happens to my
secured debt? ● What is the
creditors’ meeting? ● What other options
do I have besides bankruptcy? ● How can I rebuild
my credit after filing for bankruptcy? ● Is bankruptcy the
“right” or moral thing to do? What does the Bible say about
bankruptcy? ● Fed up with rude
bill collectors? ● Unable to
pay all of your bills each month? ● Falling farther and farther behind on your bills? ● Want to find peace
of mind and a fresh start? Bankruptcy laws were put in place in this country in
order to give a fresh start to consumers who are unable to keep up with
their mounting debts. By the time
you read this, you are likely at “the end of your rope” with
your finances. Why not start
sleeping better tonight by obtaining a fresh start. Chapter 7 Bankruptcy FAQs: Statement
required by 11 U.S.C. Sec. 528(a)(4): This website is designed for general
information only. The information presented on this website should not be
construed to be formal legal advice nor the
formation of a lawyer/client relationship. © 2006 ADAMS LAW OFFICE, LLC.
All rights reserved.
BANKRUPTCY
We are a debt relief agency. We help people file for bankruptcy relief
under the Bankruptcy Code.
