bankruptcy- assets question?

Question

someone has the following assets. what amounts would be considered expempted items and why?

a.) $3,500 equity in a home
b.) $3,000 interest in a motor vehicle
c.) $150 in household furnishings
d.) $300 in appliances
e.) $150 in personal items
f.) $300 in a pet parrot
g.) $1,500 in musical instruments
h.) $300 in jewelry
i.) $600 in tools
j.) $15,000 life insurance proceeds
k.) $300 a month in unemployment insurance benefits

living in ny

Answer 1

Really depends on the state and what type of bankruptcy you file. You have the right to keep your home, car and furnishings, but there is a value limit on some items. For example, furnishings may not be able to total more than $5000. I'd check with a local bankruptcy lawyer.

Answer 2

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RE Bankruptcy- assets question?

someone has the following assets. what amounts would be considered expempted items and why?

a.) $3,500 equity in a home
b.) $3,000 interest in a motor vehicle
c.) $150 in household furnishings
d.) $300 in appliances
e.) $150 in personal items
f.) $300 in a pet parrot
g.) $1,500 in musical instruments
h.) $300 in jewelry
i.) $600 in tools
j.) $15,000 life insurance proceeds
k.) $300 a month in unemployment insurance benefits

Answer 3

All items are exempt except those that are financed.
For instance, if your house is financed. You will have to reaffirm your mortgage with the financier or they will foreclose on you. Same with the auto and any thing else that is financed.
Things like tools, a pet, household furnishings, jewelry and so on aren't even mentioned.
Now if you own property free and clear,or antique auto worth a lot of money or something like that, you would have to declare it.
You need an attorney to file Bankruptcy he should have told you these things. If you haven't talked to one yet, I suggest you do. Because the law varies from state to state. You can usually get a free consultation.

Answer 4

Probably the equity in your house and car are exempt. Your household furnishings, pet parrot, and appliances may be exempt. The jewelry is probably exempt. The personal items would really depend on what type of personal items they are. The tools and musical instruments probably are not exempt. Your life insurance proceeds and unemployment benefits must be counted as income, not assests. This income will help you pay off your debts.

Answer 5

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