http://www.bankruptcylawnetwork.com/2007/04/07/after-i-file-bankruptcy-can-i-keep-my-stuff-part-one/ Real Lawyers, Real Solutions Tue, 10 Nov 2009 16:34:06 -0700 http://wordpress.org/?v=2.8.6 hourly 1 http://www.bankruptcylawnetwork.com/2007/04/07/after-i-file-bankruptcy-can-i-keep-my-stuff-part-one/comment-page-1/#comment-1298 After I File Bankruptcy, Can I Keep My Stuff? Part Two at Bankruptcy Law Network - Real Lawyers, Real Solutions Mon, 09 Apr 2007 03:33:47 +0000 http://www.bankruptcylawnetwork.com/2007/04/07/after-i-file-bankruptcy-can-i-keep-my-stuff-part-one/#comment-1298 [...] Before you file bankruptcy, you want to know what will happen to your stuff.  In Part One, I touched on the idea of exempt property.  Exempt property is property that is not subject to the claims of creditors or a bankruptcy trustee, i.e., it is “exempt” from seizure.  But what if a creditor has a lien on property that would otherwise be exempt?  In many situations, a lien that you grant to a creditor, or a “consensual” lien, takes precedence over your exemption.  For example, you may be entitled to claim a homestead exemption in your residence, but if you give a creditor a second mortgage, that lien may eat up all the equity that would otherwise be exempt. [...] [...] Before you file bankruptcy, you want to know what will happen to your stuff.  In Part One, I touched on the idea of exempt property.  Exempt property is property that is not subject to the claims of creditors or a bankruptcy trustee, i.e., it is “exempt” from seizure.  But what if a creditor has a lien on property that would otherwise be exempt?  In many situations, a lien that you grant to a creditor, or a “consensual” lien, takes precedence over your exemption.  For example, you may be entitled to claim a homestead exemption in your residence, but if you give a creditor a second mortgage, that lien may eat up all the equity that would otherwise be exempt. [...]

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