Bankruptcy Basics - Video 3 of 9 - Bankruptcy limits.f4v

deformed was produced by the united states please definition valujet cannot be discharged in a bankruptcy certain types of deaths such as child support alimony most student loans some federal income taxes and all employer withholding taxes cannot be discharged in bankruptcy the debtors wrongful conduct may make some debts non discharge of all examples of such conduct are encouraged credit card charges without the intent or ability to repay or obtain loans using false financial information bankruptcy does not wipe out most mortgages orleans a debtor who wants to keep his or her house must continue making mortgage payments a debtor who wants to keep a car which is being financed must likewise continue making the payments and generous behind on work experience maze chapter thirteen to keep his or her home by catching up on past due payments over time plus the making regular mortgage statements and in a chapter seven case certain property can be redeemed from moline or in other words purchased for what it is war for example in a bankruptcy proceeding the court may determine that a car on which the debtor as three thousand dollars is only worth fifteen hundred dollars the debtor made and keep the car by paying the lump sum a fifteen hundred dollars any either chapter some leans on except personal property may be avoided altogether said that the debtor keeps the property without making further payments under startin circumstances a debtor may be denied a discharge altogether and continued to al all debts as if the bankruptcy had never been filed some of the reasons for being denied a discharge are fraudulently transferring assets hygiene awstats making false statements for disobeying the bankruptcy court such actually also be federal crimes for which the debtor can be fined or imprisoned we'll tell you more about that and the later segment of this area the bankruptcy code limits the frequency with which in individual may receive a discharge these limits depend on the chapters under which the debtors five as mentioned earlier the law permits debtors in bankruptcy to keep or accept certain property in order to make a fresh start however to keep all these properties such as a home or a car the debtor must still pay the security prison in chapter seven the extension process means that a trusted cannot kelly sent property for the benefit of creditors generally the trustee can only sell non exempt property sometimes an eye on the property is only partially sent and the trustee can sell it and pay the debt of the amount of the exemption for example if the debtor owns a car with three thousand dollars and lives in the state where there is a part section of one thousand dollars the trustee may sell the car hit the debt of one thousand dollars the except about and use the remaining two thousand take creditors inside situations the debtor may keep the car by paying the trustee two thousand dollars the value of the car that is not exam the bankruptcy code provides certain federal exemptions and also allows each state to adopt its on exemption law in place by the federal exemptions the availability an amount of property you make sense therefore depends on the state where you live sendcommand examples of exam property under the bankruptcy code a portion of the equity and debt is home a portion of the equity and one motor vehicle some or all tools of the trade used by the debtor to make a living fixes auditors for an auto mechanic or dental tools for dances you lose any exception that you don't claim is therefore very important for you to consult an attorney to determine which exceptions are available it's also important to carefully list describe and value all property you plane has exams in the schedules filed with your bankruptcy petition