Property

Learn how property is handled throughout the bankruptcy process and what to be aware of so you can keep your property.

Is my stimulus money at risk if I file bankruptcy before I get the funds?

The funds you’re expecting will be an asset of your bankruptcy estate. There is nothing in the CARES Act, the relief bill that created the stimulus, that suggests otherwise. This means the only way to protect the money is through a wildcard exemption.

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What are the Ohio Bankruptcy Exemptions?

Although some states in the country allow people to choose between the federal bankruptcy exemptions and state exemptions, this option is not available if you are filing bankruptcy in Ohio. Ohio, like many other states, has its own bankruptcy exemptions. If you’ve lived in Ohio for at least 2 years when filing your case, you have to use the Ohio bankruptcy exemptions and can’t use federal exemptions Note that one great advantage of using state bankruptcy exemptions in Ohio is that you will have an additional list of bankruptcy exemptions that might be available to you. So, while you have to use Ohio bankruptcy exemptions if you file a bankruptcy in the state, you can use the federal nonbankruptcy exemptions as well. These exemptions protect certain qualifying property, like federal and military retirement benefits.

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What are the Wisconsin Bankruptcy Exemptions?

You will find a list of available exemptions in the federal Bankruptcy Code, or you may instead decide to use exemptions available under Wisconsin law. However, keep in mind that each state has the option of “opting out” of this scheme. Bankruptcy filers in an opt-out state may only use their state exemptions and not use the federal exemptions. As Wisconsin hasn’t opted out of the choice between state exemptions and federal exemptions, Wisconsinites who file bankruptcy can choose between federal bankruptcy exemptions or state exemptions. Actually, you will be happy to know that Wisconsin is one of the few US states that allows filers this choice, and this is a real advantage if you are filing Chapter 7 in the state. However, keep in mind that you are not allowed to cherry-pick exemptions from both lists; you can select only one set of exemptions. If you’re using Wisconsin law to exempt your property, you can also use the federal nonbankruptcy exemptions, if applicable. This also means that if you’re filing for bankruptcy in the state, you should review both sets of exemptions and then choose what scheme can best protect your property. Hiring an attorney can be helpful in this respect.

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What are the Michigan Bankruptcy Exemptions?

If you are considering filing bankruptcy in Michigan, you will probably have come across the terms federal bankruptcy exemptions and state exemptions. Many states in the US allow people to choose between the federal exemptions and state exemptions while others don’t. Michigan allows residents to choose between the federal bankruptcy exemptions and state exemptions. This is why you have more flexibility. However, keep in mind that you can’t protect property by using both sets of exemptions. You’ll have to pick the system that works best for you. A bankruptcy attorney can help you decide which exemptions are best for you. If you decide to use Michigan exemptions, then the federal nonbankruptcy exemptions will also be available to you. Spouses in Michigan who file a joint bankruptcy may double most, but not all, of the exemption amounts on the state exemption list. For example, Michigan spouses are restricted to one homestead exemption.

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What are the Illinois Bankruptcy Exemptions?

If you have done a bit of research on bankruptcy cases in Illinois or exempt property, you will probably have come across the terms federal bankruptcy exemptions and state exemptions. Many states in the US allow people to choose between the federal exemptions and state exemptions. However, you don’t have that option in Illinois. In Illinois, you are not permitted to use the federal bankruptcy exemptions if you’ve lived in the state for at least 2 years when you file bankruptcy. Fortunately, Illinois has generous bankruptcy exemptions that can protect your property.

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What are the Texas Bankruptcy Exemptions?

If you live in Texas, you are lucky. It is one of the best states in the US in which to file bankruptcy. Here is why you will benefit from filing bankruptcy in Texas. Some US states, including Texas, allow filers to choose between the federal bankruptcy exemptions and the state exemptions. However, it has to be one or the other—if you opt for the Texas state exemptions, you cannot cherry-pick specific exemptions off the federal bankruptcy exemptions, and vice versa.

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What are the Florida Bankruptcy Exemptions?

If you have done some research on bankruptcy cases or exempt property, you will probably have come across the terms federal bankruptcy exemptions and state exemptions. Although the federal Bankruptcy Code has a list of bankruptcy exemptions, these exemptions aren’t available in Florida. In Florida, you are not permitted to use the federal bankruptcy exemptions. Florida residents have to use the state exemptions. Also, you can use the federal nonbankruptcy exemptions contained in the federal law if you have any assets covered by them.

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What are the California Bankruptcy Exemptions?

If you are a California resident, you can’t protect your possessions, like bank deposits and commercial vehicles, under the Bankruptcy Code’s exemptions. So, Californians filing bankruptcy have to use California exemption law. Some states permit filers to choose between a set of federal bankruptcy exemptions and the state exemption system. However, California isn’t one of them. California is called an “opt-out” state, which means federal bankruptcy exemptions are not available to filers in the state.

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Spending money before filing Chapter 7 bankruptcy

While it seems strange, sometimes folks in need of bankruptcy relief have money that they need to spend before their case can be filed to maximize their fresh start by getting set up in the best possible way. Even if you don’t have a bunch of money to spend before filing your case, it’s important to know what to avoid in the months leading up to your filing, so you don’t inadvertently make your case more complicated than it needs to be.

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How Long After Filing Bankruptcy Can I Buy a House?

Many people are concerned that filing bankruptcy will prevent them from buying a house in the future. The truth is, filing bankruptcy doesn’t prevent you from buying a house. A bankruptcy filing can be your first step toward homeownership. Many real estate agents and mortgage brokers have relationships with bankruptcy attorneys. In some cases, you don’t even have to wait until your bankruptcy is over before buying a home.

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What is a bankruptcy estate?

Whenever someone files for bankruptcy, a bankruptcy estate is automatically created. A bankruptcy estate consists of the property or assets that you own. What assets you get to keep because it’s protected depends on the bankruptcy exemptions that you can claim. In this article, we will review what a bankruptcy estate is and what that means for you.

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Store Cards and Bankruptcy

Issuing credit cards to their customers is a favorite and quite effective marketing technique used by many retail stores. It makes the customer feel special and come back to take advantage of the “deals” only available to card holders. Common examples include Best Buy, Kohl’s and Apple credit cards. This article explores how store credit cards are treated in a Chapter 7 bankruptcy.

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Giving gifts before filing bankruptcy

The bankruptcy system doesn’t care about the fact that you purchased your kids some toys for Christmas, or that you’re giving a friend a $10 gift card for their birthday. But, you will be required to list all persons who received gifts with a combined value greater than $600 within the 2 years before your bankruptcy case is filed. This article discusses how gift giving is viewed in a Chapter 7 bankruptcy.

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What are the Arizona Bankruptcy Exemptions?

Arizona has opted out of the federal bankruptcy exemptions. If you’ve lived in Arizona for at least 2 years when your bankruptcy is filed, you have to use the Arizona exemption laws. This article explores the exemptions available under Arizona law.

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Filing bankruptcy while self-employed

Do you own your own business and are your own boss? Congratulations! You're living the American dream! Of course, if you're finding yourself in financial difficulties, the American dream of being self employed can feel a little bit like a nightmare. This article will explore the two most typical ways individuals own businesses, and how it impacts your options when it comes to getting lasting debt relief through a personal Chapter 7 bankruptcy.

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Everything You Need to Know About How Bankruptcy affects Credit Union Accounts

There are a lot of details to understand when you are deciding whether filing for bankruptcy is a good idea. If you are a member of a credit union, there are some specific things to consider that are unique to this type of organization. Keep reading to learn how bankruptcy affects credit union accounts.

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What is non-exempt equity?

What property you are allowed to keep and what you may be forced to sell or surrender when you file a Chapter 7 bankruptcy depends on how much non-exempt equity you have in the item. Let’s explore what this means for you, so you can choose the path to debt relief that makes the most sense for you.

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A Guide to Leases in Bankruptcy

A lease is an agreement between a lessor and lessee, usually involving rental property or a vehicle. Learn how to deal with your lease in a bankrutpcy so there are no unexpected surprises!

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Can I get a mortgage after chapter 7 bankruptcy?

Yes, you can get a mortgage after a chapter 7 bankruptcy. Lenders have their own requirements and waiting periods.

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What happens if you transfer property before bankruptcy?

You are not allowed to transfer property for fraudulent purposes or for the purpose of hiding the property from your creditors.

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Will I get to keep my property during my bankruptcy?

When you file for Chapter 7 bankruptcy, the court lets you keep your property up until a certain amount. One of the biggest misconceptions of bankruptcy is that you will lose everything you own. That’s not true.

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Does a laptop count as a household good?

No. Include your laptop in when the questionnaire asks you about the electronics that you own. 

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What happens to property you use as collateral during your bankruptcy?

When you have a property that is used as collateral for a debt, it’s called a “secured debt.” There are lots of important things to know about secured debts. Read [this article](https://upsolve.org/learn/what-is-secured-debt-in-bankruptcy "this article") to learn more.

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What is Community Property?

Property owned by a married couple is always one of two types - Marital or Separate. Generally, *__"Marital Property"__* is anything that you earned or acquired while married unless you and your spouse agreed otherwise. *__"Separate Property"__* varies from state to state.

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How does bankruptcy affect property that you used as collateral for a loan?

Your options for property used as collateral for a loan are [pretty much the same as those for your financed vehicles](https://help.upsolve.org/hc/en-us/articles/360005811714 "pretty much the same as those for your financed vehicles"). You can redeem the property by paying the market value for it, or you can surrender the property and have the debt erased. *__Unlike with vehicles, however, you cannot reaffirm the loan.__*

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What is an asset in bankruptcy?

In Chapter 7 Bankruptcy, assets are anything you own that the trustee could sell to pay back your creditors. Most of your debts will be forgiven once your bankruptcy is approved, so it makes sense that your creditors would receive at least some of the money that you owe them.

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How does bankruptcy affect property that's collateral?

Your options for property used as collateral for a loan are pretty much the same as those for your financed vehicles. You can redeem the property by paying the market value for it, or you can surrender the property and have the debt erased. Unlike with vehicles, however, you cannot reaffirm the loan.

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Can I Buy a House After Bankruptcy?

There are multiple financing options available to buyers post-bankruptcy. The most important step is to make the most of your waiting period before you apply for a loan.

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Can Bankruptcy Take Your House?

A serious fear that many people have when they file for bankruptcy relief is losing their home. Sadly, losing a home may prevent some people from seeking legal advice about bankruptcy relief. Let’s look at some factors that address the fear that bankruptcy takes homes.

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Should I File For Bankruptcy After A Repo?

Filing for bankruptcy after a car repo can get rid of any remaining debts that you have for your car.

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What is an asset in bankruptcy?

Figuring out what an asset is when filing for bankruptcy can be tricky. Learn what an asset is for your bankruptcy forms and the bankruptcy trustee.

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Can I Get an Automatic Stay with Bankruptcy?

This article provides an overview on an automatic stay, which stops your creditors from collecting debts, and how to get one using bankruptcy.

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Can Bankruptcy Stop Foreclosure?

Filing bankruptcy can help you stop foreclosures, so that you can stay in your home.

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What are bankruptcy exemptions?

Bankruptcy exemptions protect property after a bankruptcy filing. Filing for bankruptcy relief does not mean that you have to give up everything you own. The purpose of filing a bankruptcy case is to get debt relief. We explain how you can protect your property from a Chapter 7 bankrutpcy trustee.

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How Can I Stop Florida Wage Garnishment with Bankruptcy?

Wage garnishment can be stressful and hurt your ability to recover from financial shocks. In Florida, there are laws that may be able to help you protect your income.

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How to Stop Wage Garnishment in California with Bankruptcy?

Wage garnishment is a way for debt collectors to take money directly from your paycheck. In California, your income level and amount of debt you have can determine how much of your wages can be garnished.

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How Can I Stop My Wages From Being Garnished?

Wage garnishment is a common problem for millions of Americans. It can be deflating to have your wages garnished. But you do have options to protect yourself.

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What are the Federal Bankruptcy Exemptions?

There are both federal laws and state laws that apply to bankruptcy and each set of laws has its own bankruptcy exemptions. The federal government makes its federal bankruptcy exemptions available to anyone who files Chapter 7 bankruptcy regardless of what state they file in. But, each state has the right to restrict its residents to using the state exemptions, having “opted out” of the federal bankruptcy exemptions.

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What are the California Bankruptcy Exemptions?

If you're a debtor filing for bankruptcy and you live in California, you'll be using the California bankruptcy exemptions to keep your property.

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Can I Keep My Property If I File for Bankruptcy?

Most people who file for Chapter 7 bankruptcy end up keeping all their property. But that’s by no mean a given. Before filing for bankruptcy, it’s very important to know which exemptions will apply to your property and whether they can protect your property.

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What are the Georgia Bankruptcy Exemptions?

If you're a debtor filing for bankruptcy and you live in Georgia, you'll be using the Georgia bankruptcy exemptions to keep your property from your trustee.

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Upsolve is a 501(c)(3) nonprofit that started in 2016. Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges. We have world-class funders that include the U.S. government, former Google CEO Eric Schmidt, and leading foundations. It's one of the greatest civil rights injustices of our time that low-income families can’t access their basic rights when they can’t afford to pay for help. Combining direct services and advocacy, we’re fighting this injustice.

To learn more, read why we started Upsolve in 2016, our reviews from past users, and our press coverage from places like the New York Times and Wall Street Journal.

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