Stop Bill Collectors!

When you declare bankruptcy, or are facing a judgment, this does not mean that you will lose all of your assets or personal property. There are exemption laws that prevent this from happening, thus allowing you to hold on to certain property, savings and insurance, as well as some types of investment. To gain access to all of your legal entitlements, you need to gain an understanding of the state exemptions that apply in your state. Having this knowledge will enable you to fill out the required bankruptcy forms correctly so that you can keep your property.
(more…)

When filing for bankruptcy, or fighting a judgment, it’s important to understand what property and assets you can protect, as well as any earnings, savings and insurance you are entitle to claim as exempt. Declaring bankruptcy or being sued by a creditor doesn’t automatically mean that you will lose everything you have, but familiarizing yourself with the exemption laws for your state can ensure that you hang on to everything you are legally entitled to.
(more…)

Your biggest single concern if you are filing for bankruptcy or if you are on the receiving end of a judgment is making sure that you protect as many of your assets and items of personal property as you are legally entitled to. While US bankruptcy laws do not require all assets and property to be relinquished to pay off outstanding debt (the same goes for judgments), there are restrictions and limitations on what you can claim exemption for and the percentage you can claim.
(more…)

Protecting your assets, personal property, wages and savings is most important when filing for bankruptcy. In general, US bankruptcy laws do not require you to sell everything you own to cover your debts. However, what you can and cannot claim does depend on the state you live in. This article will help to familiarise you with the state exemptions for South Dakota.
(more…)

If you are considering filing for Chapter 7 Bankruptcy in the state of Tennessee, or if you are being sued by creditors (perhaps you already have a judgment against you), you will need to familiarise yourself with the state exemptions. Bankruptcy exemptions are state laws that distinguish your property as “off limits” to unsecured creditors. This means that these types of creditors cannot force you to sell your property to cover debts.
(more…)

Utah is not debtor friendly. Exemptions (those items you can keep if you get sued in court) include a tiny $20,000 dollar amount for your primary home. In other words, if you have more than $20,000 in equity in your home and a collections agency gets a judgment against you, you will most likely be forced to sell you home. Utah is a little bizarre in that (unlike most states), it lists the specific items you can keep, like one microwave. So if you’d rather keep that nice digital camera, too bad. If you get a judgment against you, your creditor will most likely force you to sell it.
(more…)

West Virginia is one of the states you don’t want to be sued in. As well as a paltry homestead exemption, they also allow judgments creditors to take your life insurance cash value. I knew an elderly man (I’ll call him Roy), who lived in Grafton, WV on a small retirement in a modest home. A neighbor stepped on his beagle, Bessie’s, tail. Bessie bit the neighbor (barely breaking skin). The neighbor won a judgment for $250,000 and Roy lost his home and was forced to cash in his life insurance policy. A year later, Roy passed away and his wife was left with nothing. Roy (and his wife) lost his home and his entire life savings because his neighbor stepped on his dog’s tail. If you are on the receiving end of a judgment, you don’t want to live in Virginia: they allow anyone with a judgment in hand (like credit card companies) to clean you out.
(more…)

Unfortunately, Virginia is one of those states that isn’t very friendly toward debtors. The laws and exemptions tend to favor the credit card companies when it comes to judgments. In addition, the law also favors householders: if you ar enot a householder, your creditors can take all of your personal property (you cannot claim any exemptions). Unlike Florida, where your home is safe from creditors, Virginia law allows a creditor to force the sale of your home. Your best bet if you live in Virginia and you have equity in your home? Fool your creditors into thinking you live elsewhere.
(more…)

The law in Wisconsin is clear: if a creditor obtains a judgment against you, you must claim (“affirm”) your right to the following list of exemptions. If you do not, your creditors can sell the item out from under you and take the proceeds (they will be nice enough to mail a check to you for the difference). The following list of exemptions are items that you can keep safe from creditors who have judgments against you, as long as you file the proper claim for with the court. You can also keep the items if you go bankrupt. There are very specific laws in place regarding life insurance policies: if you have one, or are the beneficiary of one, you should contact a lawyer who will be able to tell you if the proceeds or cash value are exempt.
(more…)

Exemptions are those items you would be allowed to keep should your creditor obtain a judgment against you. If you own an item that is worth more than the listed amount, you’ll either have to sell the item or you will have to pay your creditor the difference. Washington makes an important exception for spouses: in a lot of states, you and your spouse can both take an exemption. Not so in Washington, where you cannot double the homestead exemption. Child support obligations are also an exception, and you may lose your exemptions (including homestead and retirement) if you owe child support.
(more…)