Call Orange Park bankruptcy lawyer Tony Turner for a free Chapter 7 or Chapter 13 bankruptcy consultation today. 904-679-2020
The Law Office of Tony Turner is an Orange Park, Florida bankruptcy law firm that has filed hundreds of Chapter 7 bankruptcy petitions and helped thousands of clients since 1991.
When a Chapter 7 or Chapter 13 bankruptcy petition is filed, all of the debtor's assets become part of a “bankruptcy estate”. The date the petition is filed determines the property included in the estate. The “bankruptcy estate” is then divided into two categories: 1) What’s “exempt”, meaning the debtor keeps the property; and 2) what is
When a Chapter 7 or Chapter 13 bankruptcy petition is filed, all of the debtor's assets become part of a “bankruptcy estate”. The date the petition is filed determines the property included in the estate. The “bankruptcy estate” is then divided into two categories: 1) What’s “exempt”, meaning the debtor keeps the property; and 2) what is “non-exempt”, meaning the trustee liquidates the asset and distributes the proceeds proportionally to creditors that have filed a valid “proof of claim”. Your Orange Park bankruptcy attorney can advise you what assets are exempt and which are not.
A debtor can ‘exempt” or keep certain assets by applying the appropriate statutes to the asset on the bankruptcy petition. Numerous factors determine what assets can be exempt. Ideally, a debtor uses all the exemptions allowed by law to protect their assets. Your attorney will discuss with you what assets can be exempt and which cannot be
A debtor can ‘exempt” or keep certain assets by applying the appropriate statutes to the asset on the bankruptcy petition. Numerous factors determine what assets can be exempt. Ideally, a debtor uses all the exemptions allowed by law to protect their assets. Your attorney will discuss with you what assets can be exempt and which cannot be exempt. The bankruptcy Code and local bankruptcy rules and regulations are lengthy and complicated. https://www.usbankruptcycode.org/. Filing a false or misleading document could result in your bankruptcy being dismissed without you receiving a discharge, or worse, you could be charged with bankruptcy fraud and perjury if your conduct was found to be intentional, willful, or malicious. Your attorney will ensure safe passage through all the requirements of The Federal Bankruptcy Code so that you will receive a discharge of your outstanding debt and will be able to keep all of your exempt assets.
There are different types of bankruptcies a debtor can file. The different types are referred to by their chapter in the U.S. Bankruptcy Code. https://www.usbankruptcycode.org/. Individuals usually file a Chapter 7 or a Chapter 13 bankruptcy, depending on their situation.