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Filing for Bankruptcy: What Can You Protect?

If you are involved in a chapter 13 bankruptcy and decide to file for divorce during the repayment period, you can choose to cancel or restructure the bankruptcy plan. By canceling, you agree to stop the agreed upon payment plan; however, all debt you and your spouse have assumed will still be your responsibility.

Let's take a look at the three primary scenarios in which you might need to file for bankruptcy in order to protect your personal assets:.

Wages that you earned before you filed but didn’t receive until after you file are part of the bankruptcy estate. You may be able to keep wages earned before filing and received after filing if you can prove that you need the money for reasonable and necessary living expenses.

When you file for bankruptcy, you’ll need to answer two questions to help you figure out where to file your bankruptcy petition:. where you’ve lived for the past 180 days, and; the location of your assets. By contrast, to determine the state law that you’ll use to protect (exempt) your property, you’ll look to where you’ve lived during the prior three years.

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2 protect business assets When Filing for Bankruptcy;. If you file Chapter 7 bankruptcy, the court determines who will be paid, when and how much. If you file chapter 11, the payment schedule.

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If you can’t exempt all of your home equity, you risk losing your home in Chapter 7 bankruptcy or having to pay back most of your unsecured debts in a chapter 13. luckily, most states allow you to protect a certain amount of equity in your home (discussed below).

If you are an individual debtor who files for bankruptcy under chapter 7 or 11 of the Bankruptcy Code, a separate "estate" is created consisting of property that belonged to you before the filing date. This bankruptcy estate is a new taxable entity, completely separate from you as an individual taxpayer.

An experienced West Palm Beach bankruptcy attorney can help you determine whether you pass the means test and can then file a Chapter 7 bankruptcy. Exemptions (under Florida law) The bankruptcy code allows each individual who files bankruptcy to keep basic assets deemed necessary for the debtor’s "fresh start" after bankruptcy.