- Motor vehicles, up to a certain value.
- Reasonably necessary clothing.
- Reasonably necessary household goods and furnishings.
- Household appliances.
- Jewelry, up to a certain value.
- Pensions.
- A portion of equity in the debtor's home.
What assets are lost in Chapter 7?
Many Chapter 7 filers can keep all or most of their property —but not always. When a filer must give up property in Chapter 7, the case is an asset case. By contrast, in a no-asset Chapter 7 bankruptcy case, the debtor keeps all property, cash, and valuables.
What is excluded Chapter 7?
Wages, Benefits, and Retirement Accounts
Wages that you earned before your filing date but don't receive until after filing your case are usually only partially protected. Any post-bankruptcy earnings are completely exempt in a Chapter 7 filing.
What are non exempt assets in Chapter 7?
Nonexempt assets are those that can be sold by the trustee assigned to your case by a bankruptcy court . In a Chapter 7 bankruptcy, the proceeds from the sale of these assets are used to pay off or partially pay off some or all of your creditors.
Will I lose my furniture in Chapter 7?
In most cases, you can use state or federal exemptions to keep most or all of your household goods and furniture when you file for Chapter 7 bankruptcy. Most Chapter 7 bankruptcy filers can keep all of their household goods and furniture in bankruptcy.
Will I lose my car and house in Chapter 7?
Chapter 7 bankruptcy allows you to keep your home if 1) you are current with your mortgage payments when you file for bankruptcy, and 2) your state laws approve of the bankruptcy exemption. ... Regarding your automobile, most chapter 7 cases allow you to keep the vehicle if you are current with payments .
What is the income limit for filing Chapter 7?
If your annual income, as calculated on line 12b, is less than $84,952 , you may qualify to file Chapter 7 bankruptcy. If it's greater than $84,952, you'll have to continue to Form 122A-2, which we'll review in the next section.
Can I keep my cell phone in Chapter 7?
As long as you are up to date with paying your bill or even if you can bring it current, you will be able to continue the cell phone contract without issue. ... Once you have decided whether you want to keep your cell phone contract or use bankruptcy in order to terminate it, your bankruptcy lawyer can help you do so.
What can you not do after filing Chapter 7?
- Lying about Your Assets. ...
- Not Consulting an Attorney. ...
- Giving Assets (Or Payments) To Family Members. ...
- Running Up Credit Card Debt. ...
- Taking on New Debt. ...
- Raiding The 401(k) ...
- Transferring Property to Family or Friends. ...
- Not Doing Your Research.
What debts are not dischargeable in Chapter 7?
Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property , debts incurred to pay non-dischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings.
What are examples of non exempt assets?
- Cash;
- Bank account funds;
- Securities, such as stocks and/or bonds;
- Valuable items, such as coin or stamp collections;
- Antiques;
- Musical instruments, unless the debtor is a professional musician;
- Second homes;
Is cash exempt property in Chapter 7?
You can keep cash in Chapter 7 bankruptcy if it qualifies as an exempt asset under bankruptcy exemption laws. You don't have to give up everything when you file for bankruptcy. You can keep any property that qualifies as an exempt asset—including cash.
How long does a Chapter 7 take?
How Long Does Filing a Chapter 7 Bankruptcy Take? Generally, the entire Chapter 7 process from the initial credit counseling to the point when the court discharges your remaining debts takes about four to six months .
Can I keep 2 cars in Chapter 7?
In some cases, you can keep two cars when you file for Chapter 7 bankruptcy . ... Also, if you're making car payments, must be current on the loan, and you might have to show that you can afford to continue making the payment without causing undue hardship on yourself and your family.
How long can you stay in your house after filing Chapter 7?
Depending upon where you live, you may be able to remain in your home for six months or more after your Chapter 7 bankruptcy has been finalized. Once your bankruptcy is discharged, you will need to find another place to live. However, you may not need to leave your house immediately.
How do you qualify for Chapter 7 if you make too much money?
Under the Bankruptcy Code, anyone who makes more than the median income in their state must take the means test to determine if they qualify for Chapter 7 bankruptcy. Those whose means test results prove that they don't have any discretionary income after all of their bills are paid can file Chapter 7 bankruptcy.
