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Other states, such as Arizona, are more strict and may exempt only $150 in a checking account comparatively speaking. Even further, other states have more moderate policies, with California's homestead exemption law providing between $300,000 to $600,000 of exempt equity in a homestead, depending on the county where the debtor is located.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
The U.S. Trustee does not have prosecution powers, but is required by law to refer information regarding potential criminal violations of bankruptcy laws to the United States Attorney. [2] Interim trustees serve by the U.S. Trustee's appointment in Chapter 7 cases. Generally the interim trustee is assigned at random from a "panel" of qualified ...
On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts. This often includes credit card debt, which means some credit card debt may be included in a Chapter 13 repayment plan.
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt. Exactly ...
The two most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 eliminates all or most of your debt once your personal property has been sold. Chapter 13 modifies your current debt ...
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