When I meet with a married couple that are considering a Chapter 7 bankruptcy, one major consideration that needs to be addressed is whether or not to file for both, or only one of the spouses. I practice in Louisiana. Louisiana is a community property state. This means that all the assets acquired after the [...]
homestead exemption
You can use your state exemptions to protect assets. If your state law permits, you can choose to use federal exemptions instead. Can you use both? The Massachusetts homestead will protect $500,000 of home equity. It protects your family, not just you. For example, your ownership interest is protected if your children reside in the home [...]
When you file bankruptcy, you claim “exemptions” in property you wish to keep free of any claims of the bankruptcy trustee. And the “homestead” exemption–the exemption used to protect your home–is the most important exemption for many debtors. But what if your home is the movable kind? And I’m not just talking about mobile homes [...]
If you are planning on filing for bankruptcy soon after moving out of your marital residence, there are some potentially serious issues to consider. While filing for bankruptcy soon after separating from your spouse and leaving your home is entirely permissible, you should be sure you are fully aware of the consequences, particularly if you have equity in your [...]
I recently blogged the question “Is it possible to lose my homestead exemption in bankruptcy court?” This is an important question because people who file bankruptcy want to be sure that their homes will be safe. That question has now been clearly answered in the Northern District of New York. Bankruptcy Court Judge [...]
Bankruptcy exemptions dicate what you’re allowed to keep when you file Chapter 7. You are entitled to keep property that is exempt, and you may be forced to give up any property that is not. Exempt property is property that is protected from creditors if you are sued and also if you file bankruptcy. Under [...]
