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11 or 7 Personal Bankruptcy

Discussion in 'Bankruptcy Law' started by ahsoquel, Sep 21, 2009.

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  1. ahsoquel

    ahsoquel Law Topic Starter New Member

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    If we sell stuff with DMV titles should what debts should we pay off prior to filing? (ie: car note or other secured note)

    If we file Ch.11 prior to 12/30/09 then convert to Ch7 4/2010 (when i turn 65) will the exemptions the amounts of 12/09 or 4/10? Is there anything to gain by doing it this way?

    Are they going to take our real estate? It is acrage with a modest home and has some equity. Will homestead protect it?

    :eek:
     
  2. Theresagail

    Theresagail New Member

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    1st off a chapter 11 is for business's not personal -- you mean a chapter 13-- if you have assets your will be forced to do a bk 13 and repay some of your debt back-- DO NOT pay off anything off before you file BK the trustee will claim you are trying to hide assets and take that collateral from you to pay unsecured debtors as it would then be a clear title or they will want all the $$ you got for selling those items. If this is your only home then no they won’t take it. You need to talk to a bk attorney -- they can guide you in the right direction and see if you even qualify for a cptr 7
     
  3. ahsoquel

    ahsoquel Law Topic Starter New Member

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    stuff

    ok, don't sell anything? just let them take it all? ch.11 is for a (dba) business for which we are individually held responsible for the business debt. so, ch11 is not personal & we have to file ch13 for personal? two filings? either way, what you tell me is that anything over the exemption level will be forfeit?

    is there anything we can apply it toward that they won't joke & puke on?
    :eek:
     
  4. ahsoquel

    ahsoquel Law Topic Starter New Member

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    ... and what about if there's business real estate?
     
  5. Theresagail

    Theresagail New Member

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    If you have real-estate and a bunch of assets YOU will not qualify for a chapter 7 you will be pushed to a 13-- if the business is a corp. and insolvent then yes you would file a cptr 11 on the business -- and a chapter 7 or 13 on personal. If the business is just a sole proprietor then you file personally as you are personally liable for the debt anyway.-- and if the trustee can locate assets to repay debtors then yes you will have to pay it- there are new rules and regulations in place now you must pass a means test to qualify for a chapter 7 and most dont. you need to talk to a attorney they will talk to you for free on your initial consultation
     
  6. Theresagail

    Theresagail New Member

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    http://www.thebankruptcysite.org/exemptions/california.html
    look @ this link maybe it will help

    Also if you do a chapter 7 you can still reaffirm with creditors to hold your property-- and a chapter 13 you will repay a potion of the debts owed-- and you will retain your property. it is whne you file a chapter 7 and claim you have no assets when indeed you do that they will liquidate them and send the $$ to unsecured creditors-- this is the trustees job, to locate assets and distribute them-- this is why you should not sale anything- sounds like you need to file a chapter 13
     
    Last edited: Sep 22, 2009
  7. ahsoquel

    ahsoquel Law Topic Starter New Member

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    ah, i see. sell nothing and declare everything? oh my, that sounds pretty bad. how do they figure out what you own? DMV..., UCC filings ... i know, i know.. but i just don't want to give up our travel trailer or other stuff that's paid for, but in the grand scope of things, not worth that much. it's only stuff, right?
     
  8. Theresagail

    Theresagail New Member

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    Remember bankruptcy is a federal thing they will look into everything; they are- after all -the government. They will find out about your assets plus you have a 341 meeting you must attend, you are under oath at this meeting, you lie at that meeting you are SOL they will prosecute you for federal fraud so yes you have to list EVERYTHING -- the trustee gets paid to locate assets--
     
    Last edited: Sep 22, 2009
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  9. ahsoquel

    ahsoquel Law Topic Starter New Member

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    ok, so they can find everything. if we file 13 and at some point, after im 65, (april,2010) convert to 7 then do the exemptions that are allowed go by 7 standards or 13? i'm trying to decide if we should wait until i am 65 to give us more allowance on our home property or file asap to stop further judgements by unsecured creditors and all the nasty stuff.
     
  10. ahsoquel

    ahsoquel Law Topic Starter New Member

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    what exactly is a 341 meeting?
     
  11. Theresagail

    Theresagail New Member

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    Meeting of creditors-- this is when the trustee-- the debtor and creditors meet to talk about the debts assets etc... this happens in every bankruptcy no matter what chapter
     
  12. Theresagail

    Theresagail New Member

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    I have never heard that your age will change anything in Bankruptcy-- it doe not matter if you ar 18 or 84 its is all the same-- look @ the link i provided you this shows your exemptions-- depending on your issues it may be better to file ASAP -- why wait-- besides you seem to think you will be able to convert to a chapter 7 just like that and It does nto work that way any more-- i have seen people who make min wage and have no asstes and have kids in the hospitial that dont get to file a chpter 7 -- so dont hold your breath on a chapter 7 I will almost promise you will not qualify----

    also the exemption standards are of the chapter not the age or date
     
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  13. ahsoquel

    ahsoquel Law Topic Starter New Member

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    i'm sorry, but i can't find your link. do you have a link to a page of specific expemptions?
     
  14. Theresagail

    Theresagail New Member

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    Google California Bankruptcy Exemptions
     
  15. Michael Wechsler

    Michael Wechsler Administrator Staff Member

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  16. ahsoquel

    ahsoquel Law Topic Starter New Member

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    Aparently the bankruptcy laws in California are different than other states. For a couple, filing jointly, the real property exemption is $75k. If one of the couple is over 65 the exemption goes up to 125K. big difference.
     
  17. ahsoquel

    ahsoquel Law Topic Starter New Member

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    If you don't apply an exemption for one thing, say jewelry (or whatever) can you use that amount to apply toward something else possibly not exempt, say a travel trailer?
     
  18. doseforum

    doseforum New Member

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    what are the possible things i can put on exemption?
     
  19. jharris352

    jharris352 New Member

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    Theresagail is right with most of her answers. Your company can file a chapter 7 too. Chapter 11 is a reorganization for business like Chapter 13 is for personal. I think it is easier to file a business chapter 7 liquidation since they can not force you to continue in business to pay off debt. The recent bankruptcy changes involved chapter 7 filings for individuals. Good luck.
     
  20. ahsoquel

    ahsoquel Law Topic Starter New Member

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    is it within the statutes to apply exemptions value from a catagory that has no assets to other assets ?
     

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