Property & Exemptions
Learn how to protect your property using exemptions and what you should know about buying property after filing.
Exemptions are laws that protect your property. They’re why more than 95% of all Chapter 7 filers, including most Upsolve users, keep all of their belongings! Plus, after getting their discharge, they are in a better position to qualify for a mortgage and buy a house than before.
This page is your home base for learning about how to keep your property during bankruptcy and how bankruptcy affects buying property after filing.
Filter by content also tagged as:
What Are Bankruptcy Exemptions?
Written by Attorney Andrea Wimmer.
Updated March 27, 2024
Filing for bankruptcy relief doesn't mean that you have to give up everything you own. Bankruptcy exemptions are laws that protect your property in a bankruptcy. The majority of Chapter 7 filers don't lose any of their property when they file bankruptcy. This article covers how exemptions protect your property in a Chapter 7 bankruptcy.
Read More →Chapter 7 Bankruptcy: What Can You Keep?
Written by Jonathan Petts.
Updated March 27, 2024
Exemptions are the laws that designate what property you can keep during and after your bankruptcy. Chapter 7 bankruptcy exemptions allow most filers to protect all their property during their bankruptcy case. Property includes everything from you home and car to household goods and personal items.
Read More →Yes! You Can Get a Mortgage After Bankruptcy
Written by Attorney Eva Bacevice.
Updated August 24, 2023
Many people are able to get a mortgage after filing Chapter 7 bankruptcy. Lenders have their own requirements and waiting periods but buying a home after bankruptcy is possible. The real question here is: When will you be able to qualify for a mortgage? This will vary based on the type of loan you pursue. Many Chapter 7 filers become eligible for a home loan 1–4 years after they receive their bankruptcy discharge, depending on the type of mortgage they apply for.
Read More →How Long After Filing Bankruptcy Can I Buy a House?
Written by Lawyer John Coble.
Updated September 29, 2023
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.
Read More →Can Bankruptcy Stop Foreclosure?
Written by Attorney Andrea Wimmer.
Updated July 20, 2023
There are a number of different ways that you can prevent foreclosure, even if you ultimately need to give up your home. Don’t be afraid to explore your options, including Chapter 7 and Chapter 13 bankruptcy and find what’s right for your family and personal financial situation.
Read More →Will filing bankruptcy affect my apartment lease?
Written by Attorney Andrea Wimmer.
Updated August 25, 2020
If your rental payments are current, getting debt relief by filing bankruptcy will not affect your lease agreement. Learn how filing bankruptcy will affect your real estate lease.
Read More →How to tell if you have property that is not protected by an exemption
Written by Attorney Andrea Wimmer.
Updated August 10, 2020
Schedule A/B lists everything you own. Schedule C lists all everything you own that is protected by an exemption. Here is how you can tell what’s protected by an exemption by looking at your Schedule C, complete with an example to illustrate what it means when something is only partially exempt.
Read More →Federal Bankruptcy Exemptions Explained
Written by Attorney Andrea Wimmer.
Updated March 31, 2022
The laws that protect your property from creditors are called exemptions. The exemptions listed in the Bankruptcy Code are called federal bankruptcy exemptions.
Read More →Trustee's Report of No Distribution & What It Means For Your Case
Written by Attorney Andrea Wimmer.
Updated March 29, 2022
The Trustee's Report of No Distribution, or NDR, lets the court and all interested parties know that no money will be paid to creditors.
Read More →What are the Florida Bankruptcy Exemptions?
Written by Kristin Turner, Harvard Law Grad.
Updated November 6, 2021
If you're a debtor filing for bankruptcy and you live in Florida, you'll be using the Florida bankruptcy exemptions to protect your property.
Read More →Can I Keep My Property If I File for Bankruptcy?
Written by Jonathan Petts.
Updated April 1, 2022
One of the most common questions we get is: “Can I keep my property if I file for bankruptcy?” The answer is usually yes! 96% of Chapter 7 bankruptcy cases result in the filer keeping all their property. But protecting your property requires some knowledge. Read on for more details.
Read More →What Are the California Bankruptcy Exemptions?
Written by Jonathan Petts. Legally reviewed by Attorney Andrea Wimmer
Updated April 1, 2022
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.
Read More →Can You File Bankruptcy And Keep Your House?
Written by Attorney Andrea Wimmer.
Updated July 12, 2023
Bankruptcy law allows you to keep your home as long as certain conditions are met. Whether you can file bankruptcy and keep your house depends on your unique circumstances. Here’s what you need to know.
Read More →Should I File for Bankruptcy After a Foreclosure?
Written by Jonathan Petts.
Updated April 19, 2022
Many people consider filing for bankruptcy after their homes are foreclosed. Bankruptcy can get rid of any remaining debt once you sell your home.
Read More →Can I Buy a House After Bankruptcy?
Written by Kristin Turner, Harvard Law Grad.
Updated April 19, 2022
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.
Read More →Can You Keep Your Checking Account During Chapter 7 Bankruptcy?
Written by the Upsolve Team. Legally reviewed by Jonathan Petts
Updated October 30, 2024
Most people who file Chapter 7 bankruptcy can keep their checking account if the money in it is protected by exemptions. This means your account balance is safe, as long as it doesn’t exceed the amount you’re allowed to protect under bankruptcy law.
Read More →Should I Choose Federal or State Bankruptcy Exemptions?
Written by Kristin Turner, Harvard Law Grad.
Updated April 19, 2022
The exemptions you choose will play a big role in determining how much of your stuff the trustee can sell to repay your creditors. Most Upsolve users select the federal exemptions, but the choice that's right for you will depend on your answers to two questions.
Read More →What Is Community Property?
Written by Attorney Andrea Wimmer.
Updated March 25, 2024
There are nine community property states. Alaska also allows married couples to opt into a community property arrangement. Community property states typically consider any property acquired during a marriage to be jointly owned by both spouses, regardless of who made the purchase or what the title says. This is important in bankruptcy because creditors may be able to access community property if one spouse files bankruptcy.
Read More →What Happens in Bankruptcy if I Have a Potential Lawsuit for Money?
Written by Jonathan Petts.
Updated April 19, 2022
This depends: Are you being sued or are you the one suing someone else? If you file bankruptcy a lawsuit against you is stopped. If it's your lawsuit, your trustee will decide what happens.
Read More →Which states allow me to use the federal bankruptcy exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated May 11, 2023
Find out which states allow filers to choose between their state's exemptions and the federal bankruptcy exemptions.
Read More →Will My Bankruptcy Affect My Child's 529 College Saving Plan?
Written by Kristin Turner, Harvard Law Grad.
Updated January 26, 2022
If you've deposited funds into a 529 College Savings Plan for your child, you probably want to know how filing bankrtupcy will affect them. Whether the funds are protected will depend on how long ago you deposited them.
Read More →What is an asset in bankruptcy?
Written by Attorney Andrea Wimmer.
Updated October 16, 2020
Everything you own is an asset. Whether your property is valuable enough to turn your case into an asset bankruptcy depends on what bankruptcy exemptions you can use to protect your property.
Read More →Can I Keep the Money if I Win a Lawsuit After Filing?
Written by Kristin Turner, Harvard Law Grad.
Updated January 26, 2022
If you file for Chapter 7 bankruptcy, your state's exemption law will determine whether you can keep the money from a lawsuit. Be prepared to give it up unless your state exemption law specifically says that you can keep the award.
Read More →How Much Money Is Considered a Gift?
Written by Kristin Turner, Harvard Law Grad.
Updated January 26, 2022
The bankruptcy forms ask whether you gave gifts with a total value of more than $600 per person in the two years before you filed for bankruptcy.
Read More →Should I List My PayPal Account?
Written by Kristin Turner, Harvard Law Grad.
Updated January 26, 2022
If you have a PayPal Credit account, you should list it as a creditor on your bankruptcy forms. If it's a standard PayPal account without any lines of credit, list it as a checking account in the financial accounts section.
Read More →Does a Laptop Count as a Household Good?
Written by Jonathan Petts.
Updated January 26, 2022
No. Include your laptop in when the questionnaire asks you about the electronics that you own.
Read More →Will I Get To Keep My Property During My Bankruptcy?
Written by Jonathan Petts.
Updated January 26, 2022
One of the biggest misconceptions about bankruptcy is that you'll lose everything you own. But that’s not true. When you file for Chapter 7 bankruptcy, the court lets you keep some types of property up to a certain value.
Read More →Can Bankruptcy Take Your 401(k) or IRA?
Written by Attorney Eva Bacevice.
Updated January 26, 2022
Retirement accounts are almost always protected in a bankruptcy case. If you're considering filing, it’s best to keep your retirement assets where they are. Unless you can fully pay off all of your debts, taking money out of your retirement accounts to keep up usually only prolongs the inevitable.
Read More →How Do I Protect My Retirement Assets?
Written by Attorney Eva Bacevice.
Updated January 25, 2022
Most of your retirement accounts are fully protected in a bankruptcy case. Any ERISA-qualified retirement account is completely excluded from the bankruptcy estate. This means that there's no risk that the trustee could take the money in your retirement accounts to pay your creditors.
Read More →I'm Expecting an Inheritance. Should I Still File for Bankruptcy?
Written by Attorney Eva Bacevice.
Updated January 25, 2022
If you want to keep the inheritance in full it’s important to wait for at least 180 days before filing your bankruptcy.
Read More →How Do I Value My Pet?
Written by Kristin Turner, Harvard Law Grad.
Updated January 25, 2022
If you're filing for Chapter 7 bankruptcy protection, you're required to include your pets in the schedules. While your pets are priceless, your bankruptcy trustee needs to know if they can be sold for more than the allowable exemption amount. Unless you have a rare, purebred, champion show animal with breeding rights that can generate income, it's not likely your pets will be worth more than what you can exempt.
Read More →How Does Bankruptcy Affect My Retirement?
Written by Attorney Paige Hooper.
Updated June 17, 2022
Because retirement accounts are protected by exemptions, most people who file bankruptcy keep all their existing retirement savings. Many types of retirement accounts have an unlimited exemption amount, but some — like IRAs — are limited. Social Security benefits are also exempt, but the funds can't be commingled. You must keep them in a separate account.
Read More →Illinois Bankruptcy Exemptions
Written by Attorney Eva Bacevice.
Updated July 28, 2023
When you file bankruptcy, you won't lose everything you own. Exemptions allow you to keep many, if not all, of your belongings.
Read More →How Does Bankruptcy Affect Alimony?
Written by the Upsolve Team. Legally reviewed by Lawyer John Coble
Updated May 4, 2022
Alimony impacts your bankruptcy case differently if you’re paying alimony than if you’re receiving alimony. If you pay alimony, you must list it on your Schedule J as an expense. You must also usually continue to make payments while your case is pending and after you receive your bankruptcy discharge. Bankruptcy doesn’t eliminate your obligation to pay court-ordered alimony. If you receive alimony, you must list the amount as income on Schedule I and on the means test calculation form.
Read More →Texas Bankruptcy Exemptions
Written by Attorney Eva Bacevice.
Updated July 28, 2023
The intent of bankruptcy is not to strip you of everything you own. Exemptions allow you to keep many, if not all, of of your belongings.
Read More →Can I Keep Money I Receive From a Lawsuit When I File Bankruptcy?
Written by Curtis Lee, JD.
Updated July 26, 2023
If you bring a lawsuit or have the right to bring one against someone for a personal injury case, that's considered an asset during your bankruptcy case. Just like other assets, this may be protected by a bankruptcy exemption. If the potential personal injury reward isn't protected or fully protected by an exemption, the nonexempt portion of the award can be used to pay off your creditors as part of your bankruptcy case.
Read More →What Happens if I Transfer Property Before Filing Bankruptcy?
Written by Attorney Paige Hooper.
Updated March 21, 2022
Transferring property includes selling it or giving it away. If you file bankruptcy, you have to report any property transfers in the two years before you filed on your bankruptcy forms. If the bankruptcy trustee finds that you fraudulent transferred any property, they can undo the transfer to get the property back and sell it to pay your creditors. Read on to learn more about property transfers and how to deal with them when filing bankruptcy.
Read More →Will I lose my personal injury settlement award if I file for bankruptcy?
Written by Attorney Eva Bacevice.
Updated July 28, 2023
Whether or not you can keep your personal injury settlement award when you file for bankruptcy depends on a number of different factors.
Read More →What Is Equity?
Written by the Upsolve Team. Legally reviewed by Attorney Paige Hooper
Updated October 13, 2022
Your equity in a house or car (the dollar value that belongs to you, not the lender) is the current value of the property minus the amount you still owe on it. When you file bankruptcy, exemptions protect the equity you have in certain assets.
Read More →Credit Unions & Bankruptcy
Written by Attorney Eva Bacevice.
Updated August 1, 2023
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 your credit union accounts.
Read More →What Is Non-Exempt Equity?
Written by Curtis Lee, JD.
Updated May 25, 2022
In Chapter 7 bankruptcy, there are exemptions to protect some of the equity you have in your assets, like a home, car, or household items. If the exemption for a certain item doesn’t cover all the equity you have in it, you have non-exempt equity. Depending on how much non-exempt you have, the bankruptcy trustee may liquidate (sell) the item and give the proceeds to your creditors.
Read More →What Are the Arizona Bankruptcy Exemptions?
Written by Jonathan Petts.
Updated September 17, 2024
Exemptions help you protect your property and assets in bankruptcy. There are both state and federal exemptions, but Arizona has opted out of the federal bankruptcy exemptions. That means, if you’ve lived in Arizona for at least two years when you file your bankruptcy case, you have to use Arizona's exemption laws. Arizona has a generous homestead exemption of $250,000. The motor vehicle exemption is $15,000 for single filers (or $25,000 if you or a dependent is disabled). Arizona does not have a wildcard exemption.
Read More →Giving Gifts Before Filing Bankruptcy
Written by Attorney Andrea Wimmer.
Updated August 12, 2021
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.
Read More →What You Should Know About Bankruptcy And Luxury Items
Written by Attorney Andrea Wimmer.
Updated September 3, 2020
A luxury item is something that is not reasonably necessary for your maintenance and support. It’s something you don’t need to live. Non-luxury items, on the other hand, are things you purchase to cover necessities for yourself and your dependents. Things like groceries, utilities, rent, and gas. The term luxury item includes both products and services that cost more than $725.
Read More →What Are the Federal Nonbankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated July 14, 2023
The federal nonbankruptcy exemptions are federal exemption laws that exist outside of the Bankruptcy Code and protect property from creditors even if no bankruptcy case has been filed. This article will explore how federal nonbankruptcy exemptions can protect your rights in a bankruptcy case and conclude with a brief overview of some of the most commonly used federal nonbankruptcy exemptions.
Read More →What is a bankruptcy estate?
Written by Attorney Alexander Hernandez.
Updated July 28, 2023
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.
Read More →Can You Spend Money Before Filing Chapter 7 Bankruptcy? How Much?
Written by Attorney Eva Bacevice. Legally reviewed by Attorney Andrea Wimmer
Updated October 23, 2024
Before filing Chapter 7 bankruptcy, you can spend money on necessary expenses like rent, utilities, groceries, and medical bills. However, you should avoid making any large or unusual purchases or paying off debts to friends or family, as this could raise red flags with the bankruptcy court. Spending money on luxury items or transferring assets before filing could be seen as fraudulent and might affect your case.
Read More →California Bankruptcy Exemptions Explained
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated March 21, 2022
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. Californians filing bankruptcy have to use California exemption law.
Read More →What Are Florida's Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated August 14, 2024
If you’ve been a Florida resident for at least two years and you file Chapter 7 bankruptcy, you’ll need to use the state’s exemptions to protect your property. Exemptions are laws that outline how much of different kinds of property are protected when you file a bankruptcy case. Most filers see that all their property is protected. In Florida, the homestead exemption protects all the equity you have in your home, given you meet a few criteria. The motor vehicle exemption is only $1,000, but if you don’t use the homestead exemption, you can apply the $4,000 wildcard exemption to your vehicle (or any other property) as well.
Read More →What Are the Texas Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated August 14, 2024
Texas has more generous bankruptcy exemptions than many other states. It also allows bankruptcy filers to choose whether they want to use the Texas state bankruptcy exemptions or the federal bankruptcy exemptions. In many cases, the state exemptions are more beneficial to bankruptcy filers who own a home or car. But unlike the federal exemptions, Texas doesn’t offer a wildcard exemption to protect personal property of your choosing.
Read More →What Are the Illinois Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated September 17, 2024
If you’ve been an Illinois resident for at least two years, you’ll need to use the state’s exemptions if you file Chapter 7 bankruptcy. Exemptions help you protect important property, from your household furnishings and clothing to your car and retirement accounts. The homestead exemption in Illinois is $15,000 (or $30,000 if you’re married and filing jointly). The motor vehicle exemption is $2,400. Illinois also offers a $4,000 wildcard exemption.
Read More →What Are the Ohio Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated August 7, 2024
Bankruptcy exemptions are rules that allow people who file for bankruptcy to keep certain important items instead of having to sell them to repay their debts. If you’re filing bankruptcy in Ohio, you must use the state’s exemptions to protect your property. Ohio has a homestead exemption of up to $161,375 for individual filers ($322,750 for married couples), a $4,450 motor vehicle exemption, and a $1,475 wildcard exemption. It also has exemptions for personal property and money benefits.
Read More →What Are the Wisconsin Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated April 1, 2022
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.
Read More →What Are the Michigan Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated September 5, 2024
If you’ve lived in Michigan for at least two years when you file bankruptcy, you can choose between the state’s exemptions or the federal bankruptcy exemptions. Both have the same aim — to help you protect your property. Michigan has a higher homestead exemption than the federal government ($46,125 vs. $27,900). But if you aren’t a homeowner, the federal exemptions for personal property, including your vehicle, are more generous.
Read More →What are the Virginia Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated September 23, 2020
Exempt property, such as a car or trade implements, is free of the claims of your creditors and can’t be taken by your trustee to be liquidated. Laws in Virginia determine the types as well as the amount of exempt property.
Read More →What Are the New York Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated August 13, 2024
Bankruptcy exemptions are laws that allow people filing for bankruptcy to retain their essential belongings, instead of losing everything to pay off debts. These laws vary from state to state. If you have lived in New York for at least two years and you file for Chapter 7 bankruptcy, you will use the state's exemptions to protect your personal property, like your car, from being seized. The homestead exemption in New York varies based on where your residence is located. The motor vehicle exemption is $4,825 (or $11,975 if your car is equipped for a disabled person). New York also has a $1,100 wildcard exemption.
Read More →What Are the Nebraska Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated September 5, 2024
Bankruptcy exemptions help you protect your property when you file Chapter 7. If you’ve lived in Nebraska for at least the last two years and you’re filing for bankruptcy, you must use Nebraska’s bankruptcy exemptions. The homestead exemption in Nebraska is $60,0000. The motor vehicle exemption is $5,000. The wildcard exemption is also $5,000, but you can’t use it to protect real estate or wages.
Read More →What Are the Idaho Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated August 13, 2024
Exemptions help you protect what you own when you file bankruptcy. If you file Chapter 7 bankruptcy as an Idaho resident, you must use the state’s exemption laws. Idaho provides a generous homestead exemption up to $175,000 and a motor vehicle exemption of $10,000. Additionally, Idaho offers a wildcard exemption of $800, which you can apply to any property you choose.
Read More →What Are the New Jersey Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated May 3, 2023
Every state has its own set of bankruptcy exemptions. There is also a set of federal bankruptcy exemptions contained in the United States Bankruptcy Code. Several states, including New Jersey, allow residents to choose between taking the New Jersey bankruptcy exemptions and the federal exemptions. It’s important to note that you have to pick one set of exemptions and stick to it, you can’t pick and choose from both New Jersey exemptions and federal, rather go with the set that gives you the most protection. If you decide to go with the state exemptions you can also use the federal nonbankruptcy exemptions as a supplement, so long as you meet the qualifications.
Read More →Overview of the 7 Most Commonly Used Bankruptcy Exemptions
Written by Lawyer John Coble.
Updated July 28, 2023
Bankruptcy exemptions protect a filer’s property to ensure they're able to take full advantage of their fresh start. While the available exemptions vary depending on the state you live in, there are certain types of common bankruptcy exemptions that are generally found in all exemption schemes. This article gives an overview of the seven most common types of bankruptcy exemptions and how they protect the filer’s property in a Chapter 7 bankruptcy.
Read More →What Are the Colorado Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated July 2, 2024
Bankruptcy exemptions help bankruptcy filers protect the property they own so they don't have to start over with nothing after their debts are discharged. Colorado has opted out of the federal bankruptcy exemptions, so residents must use the state exemptions instead. Fortunately, Colorado has generous bankruptcy exemptions, which were expanded and revised in 2022, including a $250,000 homestead exemption (for filers under 60) and a $15,000 motor vehicle exemption.
Read More →What Are the Oregon Bankruptcy Exemptions?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated September 17, 2024
If you’ve lived in Oregon for at least two years when you file bankruptcy, you can choose between the state or federal bankruptcy exemptions. Generally speaking, if you’re filing alone and you own a home, you’ll get great protection using Oregon’s state exemptions. If you don’t own a home, you may benefit more from federal exemptions, which provide a more generous exemption for your car and a wildcard exemption you can use to protect any property not otherwise protected.
Read More →What are the Missouri Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated November 6, 2021
The most important thing you will need to educate yourself before filing bankruptcy is what bankruptcy exemptions you will need to use. Bankruptcy exemptions allow you to keep your property. When filing bankruptcy there are two types of bankruptcy exemptions you will need to be aware of - federal exemptions and state exemptions. When Congress enacted bankruptcy laws, they implemented federal bankruptcy exemptions to allow filers to protect their property. At the same time, they allowed each State the opportunity to choose whether they want to use the federal exemptions or to opt-out if not. If you file bankruptcy in Missouri, you will learn that Missouri is an “opt-out” state. This means that Missouri opted out of allowing filers to use the federal bankruptcy exemptions. You can use the federal nonbankruptcy exemptions to protect certain qualifying retirement benefits, death benefits, and veterans’ benefits.
Read More →What Are the Indiana Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated September 17, 2024
If you’ve been an Indiana resident for at least two years when you file Chapter 7 bankruptcy, you’ll be required to use the state’s bankruptcy exemptions to protect your property and belongings. Indiana offers a $22,750 homestead exemption you can use to help protect your primary residence. There is no motor vehicle exemption in Indiana, but you can use the state’s $12,100 wildcard exemption to protect your car and other personal property.
Read More →What Are the Pennsylvania Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated September 17, 2024
If you’ve lived in Pennsylvania for at least two years when you file your Chapter 7 bankruptcy case, you can choose between the state or federal bankruptcy exemptions. For many people, the federal bankruptcy exemptions are more advantageous than the state exemptions. That’s because Pennsylvania doesn’t have a homestead or motor vehicle exemption. The federal exemptions for these are $27,900 and $4,450, respectively. The Pennsylvania wildcard exemption is $300, while the federal wildcard is $1,475 plus $13,950 of any unused portion of your homestead exemption.
Read More →What Are the Tennessee Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated September 17, 2024
Exemptions help bankruptcy filers protect their property and assets. If you're looking to file bankruptcy and exempt your property in Tennessee, you'll be limited to Tennessee’s exemptions only. Filers in Tennessee can't use the federal exemptions. That said, you can use federal nonbankruptcy exemptions to protect certain retirement accounts and disability benefits.
Read More →What Are the Minnesota Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated May 11, 2023
Exemptions are used to protect your property and assets as you go trhough bankruptcy. You can choose from two sets of exemptions when you file Chapter 7 bankruptcy in Minnesota — federal bankruptcy exemptions and Minnesota bankruptcy exemptions. If you choose to use Minnesota’s bankruptcy exemptions, you may also use the federal nonbankruptcy exemptions to protect retirement accounts and disability benefits.
Read More →What Are the Washington Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated October 2, 2024
In Washington, you can choose between federal and state exemptions when filing for bankruptcy so long as you’ve lived in the state for at least two years. Washington has a very generous homestead and motor vehicle exemption — more generous than the federal government. You’ll need to look at the property you own and want to protect to decide which set of exemptions will help you most when filing Chapter 7.
Read More →What Are the Alabama Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated September 18, 2024
Alabama residents of at least two years filing Chapter 7 bankruptcy will need to use the state’s exemptions to protect their personal property during the case. Alabama’s homestead exemption is $18,800 (as of July 1, 2023). It also offers a $9,400 wildcard exemption that you can use to protect most types of personal property, including a vehicle, with a few exceptions. Filers in Alabama can also use the federal non-bankruptcy exemptions to protect certain benefits and retirement funds.
Read More →What Are the Alaska Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated September 18, 2024
Alaskans filing Chapter 7 bankruptcy get to choose between the state’s exemptions or the federal bankruptcy exemptions. Alaska has a more generous homestead exemption ($54,000) for single filers than the federal exemption ($27,500). The federal motor vehicle exemption ($4,450) is slightly more generous than Alaska’s exemption ($4,050). The federal exemptions also include a generous wildcard exemption, whereas Alaska doesn’t offer a wildcard exemption.
Read More →What Are the Delaware Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated December 31, 2021
Each state has its own set of bankruptcy exemptions available to its residents. There is also a set of exemptions available at the federal level in the United States Bankruptcy Code, which is part of the U.S. Code or U.S.C., and each state can decide whether or not to offer the federal exemptions as an alternative option for filers. Only a minority of states offer a choice. Delaware, like the majority, has opted out of allowing its residents to use the federal bankruptcy exemptions. So, if you’re filing bankruptcy in Delaware, you’ll be limited to only using the Delaware state exemptions. You can, however, also use any of the federal nonbankruptcy exemptions if you qualify to supplement the state exemptions.
Read More →What Are the Hawaii Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated April 1, 2022
When you file Chapter 7 bankruptcy, you get a fresh start without having to start from scratch. That's because you can use bankruptcy exemptions to protect your property and possessions. Hawaii filers can choose to use either the state or federal bankruptcy exemptions to protect their assets.
Read More →What are the Louisiana Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated July 28, 2020
Every state has its own set of bankruptcy exemptions, which are available to residents who file bankruptcy in that state. There is also a set of federal exemptions available under the United States Bankruptcy Code. Each state can decide whether to allow its residents to choose between their state exemptions and the federal exemptions. Louisiana is an “opt-out” state, which means that residents are limited to using only the Louisiana state exemptions. Debtors filing in Louisiana can, however, use any of the federal nonbankruptcy exemptions that they qualify for as a supplement to the state exemptions.
Read More →How can a trustee find out about an inheritance?
Written by Attorney Amelia Niemi.
Updated July 26, 2023
The Bankruptcy Code provides that an inheritance the filer becomes entitled to receive in the 180 days after their case is filed has to be turned over to the bankruptcy trustee so it can be paid to creditors. This article will explore why this rule exists, how it works exactly, and why it’s never a good idea to try and hide things from the trustee.
Read More →What Are the Maryland Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated January 5, 2022
When Congress enacted the bankruptcy laws they created federal bankruptcy exemptions while at the same time, giving states the opportunity to decide if they want to use federal exemptions or create their own. A little less than half of the states allow filers to use either the federal bankruptcy exemptions or the state exemptions to protect their real property and personal property. Maryland requires filers who have lived in the state for at least 2 years to use the state exemptions. This means that to protect your property you will need to claim Maryland’s bankruptcy exemptions. Although you can’t use the federal bankruptcy exemptions contained in the Bankruptcy Code, you will be able to use the federal nonbankruptcy exemptions. The nonbankruptcy exemptions allow you to protect retirement accounts that are typically linked to a government job.
Read More →What Are the New Mexico Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated May 11, 2023
Exemptions help bankruptcy filers hold on to certain property by protecting it from being sold by the bankruptcy trustee. New Mexico filers are generally allowed to choose between applying the federal bankruptcy exemptions or the state's bankruptcy exemptions. You'll want to look at each set of exemptions to see which will best protect the property you own.
Read More →What Are the Oklahoma Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated September 17, 2024
If you file Chapter 7 in Oklahoma, you’ll use the state’s bankruptcy exemptions to protect your property. Oklahoma has a generous homestead exemption that allows bankruptcy filers to protect all the equity in their home provided the home isn’t on more than one acre in an urban area or 160 acres in a rural area. The motor vehicle exemption for single filers in Oklahoma is $7,500.
Read More →What Are the Maine Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated August 7, 2024
If you’ve lived in Maine for more than two years, you’ll have to use the state’s bankruptcy exemptions when you file Chapter 7 bankruptcy. These exemptions allow you to protect certain property from being sold to pay your creditors. Key exemptions in Maine include the homestead exemption, which protects up to $47,500 of equity in your home; the motor vehicle exemption, which covers up to $5,000 in equity in your car; and the wildcard exemption, which lets you protect up to $400 worth of any other property.
Read More →Bankruptcy and the Homestead Exemption
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated July 27, 2023
Bankruptcy exemptions play an important role in Chapter 7 cases, and the homestead exemption may be the most important of all. It’s the homestead exemption that makes it possible for many people to wipe out unsecured debt in Chapter 7 bankruptcy without losing their homes. In this article, you’ll learn how the homestead exemption may protect your house in bankruptcy. We’ll also touch on some of the limitations of the homestead exemption. And, we’ll discuss alternatives for people who aren’t fully protected by their state’s exemptions.
Read More →What Are the Nevada Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated July 28, 2020
Nevada has opted out of the federal bankruptcy exemptions. This means that if you file for Chapter 7 bankruptcy in Nevada, presuming you fulfill the residency requirement, you must use the Nevada state exemptions for your bankruptcy case. There is one exception to this, which is if you have lived in Nevada for less than 730 days (two years), you don’t yet qualify to use the Nevada state exemptions. Instead, you’ll need to look back to where you lived during the 180 days before the two years prior to your filing, or roughly two and a half years ago. In either case, you will still have access to the federal nonbankruptcy exemptions in addition to your state exemptions.
Read More →What Are the Kansas Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated October 20, 2020
Kansas does not allow filers to choose between using state exemptions and the federal exemptions. If you have lived in Kansas for more than two years you must use Kansas state exemptions in your bankruptcy case. If you do not meet the two-year (730-day) residency requirement, then you need to use the 180-day rule to determine which state’s rules apply. With the 180-day rule, you should look to where you lived for the majority of the 180 days before two years prior to your filing date. In other words, where you lived two and a half years ago. Once you have surpassed that two-year mark, however, you’re only able to use Kansas state exemptions. Married couples filing a joint bankruptcy together in Kansas can double most of the exemption amounts, so long as both spouses have an ownership interest in the property. Additionally, filers in Kansas can also use the protections offered by the federal nonbankruptcy exemptions along with their state exemptions.
Read More →What Are the North Carolina Bankruptcy Exemptions?
Written by Attorney Eva Bacevice.
Updated January 20, 2021
Every state has its own set of bankruptcy exemptions. There’s also a set of federal exemptions contained in the United States Bankruptcy Code. Several states allow filers to choose whether to use state exemptions or federal bankruptcy exemptions, however, North Carolina doesn’t allow for the choice. If you’re a North Carolina resident filing bankruptcy, your only option is to use the North Carolina state bankruptcy exemptions. You can, however, use the federal nonbankruptcy exemptions in addition to the North Carolina state exemptions for any other federal protections available, either within a bankruptcy or not, beyond the state exemptions.
Read More →What Are the Massachusetts Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated April 1, 2022
Massachusetts law allows for most residents to choose between applying federal bankruptcy exemptions and state exemptions to property that could be affected by the bankruptcy process. The only time that this choice is not available is if a filer is a new Massachusetts resident and has lived in the state for less than two years. By examining each approach below, you can determine whether your case will be served best by applying Massachusetts exemptions or by claiming those available under federal law. Oftentimes, both schemes do an equally adequate job of safeguarding a filer’s property. But sometimes, it’s advantageous to choose one option over the other.
Read More →What Are the Utah Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated August 13, 2024
Utah law requires residents who have lived in the state for at least two years to use its state exemptions when filing Chapter 7 bankruptcy. Exemptions protect your property during the bankruptcy process so that you can get a financial fresh start without having to start from scratch. If you’re filing as a single person, the homestead exemption in Utah is $42,000. The motor vehicle exemption is $3,000. Utah doesn’t offer a wildcard exemption.
Read More →What Are the Connecticut Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated April 1, 2022
Bankruptcy exemptions allow filers to protect their possessions and property. Some states allow residents of two years or more to choose between state exemptions or the federal bankruptcy exemptions. Connecticut is one such state. Below we'll look at each set of exemptions to help you understand which may be best for you.
Read More →What Are the South Carolina Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated November 15, 2023
Only 17 states allow their residents to choose between claiming state exemptions and federal bankruptcy exemptions. South Carolina is not one of these states. Instead, South Carolina law provides residents with state-specific exemptions and does not allow its residents to claim federal exemptions. While some federal law in the Bankruptcy Code does influence how some South Carolina exemptions are structured, the kinds of exempt property filers can claim and the exemption amounts that apply to bankruptcy cases are state-specific. It’s important to note that if you have lived in South Carolina for less than 2 years, you may not be able to claim South Carolina’s exemptions to your property.
Read More →What Are the Iowa Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated July 28, 2020
You may have heard about federal exemptions before, but you won’t need to worry about them when filing bankruptcy in Iowa. State law only allows Iowa residents to claim Iowa exemptions and doesn’t give filers the choice to apply federal bankruptcy exemptions to their property instead. This Iowa law isn’t an unusual approach, as only 17 states in the U.S. allow residents to choose between state-specific bankruptcy exemptions and exemption laws provided by the federal Bankruptcy Code. Note however that if you moved to Iowa within 2 years of filing for bankruptcy, you may be subject to a different set of exemption standards than long-time Iowa residents are.
Read More →What Are the Kentucky Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated April 1, 2022
Bankruptcy exemptions allow filers to protect certain property they own. Kentucky residents who've lived in the state for two years or more can choose between the state's exemptions or the federal bankruptcy exemptions. Below, you’ll find detailed information about each so that you can determine which will be best for you.
Read More →What Are the Arkansas Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated September 18, 2024
If you’ve lived in Arkansas for at least two years and you’re filing Chapter 7, you can choose between the federal or state bankruptcy exemptions. Bankruptcy exemptions are laws that help you protect your property when you file your case. For many types of property and belongings, federal exemptions are more generous for filers. However, Arkansas does have a generous acreage-based homestead exemption, which can be useful if you’re a homeowner.
Read More →What Are the North Dakota Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated July 28, 2020
One straightforward thing about filing for bankruptcy in North Dakota is that it doesn’t allow residents to claim federal bankruptcy exemptions. Although 17 jurisdictions in the United States do allow residents to apply federal exemptions to their property, North Dakota law doesn’t provide a choice between federal exemptions and state exemptions. Therefore, unless you moved to North Dakota less than 2 years ago, you don’t have to worry about comparing state law with federal law in this regard. Simply evaluate the North Dakota exemptions listed below and claim them if they apply to you. However, if you have qualifying assets, you will also want to take the federal nonbankruptcy exemptions into consideration in addition to the state-specific structure.
Read More →What Are the New Hampshire Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated April 1, 2022
Exemptions protect certain property throughout a bankruptcy case. New Hampshire residents have a choice to make when claiming bankruptcy exemptions. As long as you’ve lived in New Hampshire for a minimum of two years, you can choose to claim either the New Hampshire exemptions or the federal exemptions. You aren’t allowed to pick and choose exemptions from both structures, so you’ll want to carefully compare the values of each to decide which will protect more of the property you own.
Read More →What Are the Rhode Island Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated May 11, 2023
When you fill out your bankruptcy petition, you'll have to choose which exemptions you’ll apply to your property. Exemptions are a part of bankruptcy law that allow filers to protect some or all of their property. Rhode Island bankruptcy law allows residents who've lived in the state for at least two years to claim either state bankruptcy exemptions or the federal bankruptcy exemptions. This article explains the most common exemptions and compares the state and federal exemptions.
Read More →What Are the Montana Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated August 7, 2024
If you’ve lived in Montana for at least two years when you file Chapter 7 bankruptcy, you’ll use the state’s exemptions to protect your home, household goods, car, and other personal property you own. Montana has a generous homestead exemption, which was set at $350,000 in 2021, with a 4% increase to take place annually. The motor vehicle exemption in Montana is $4,000.
Read More →What Are the Mississippi Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated July 28, 2020
Under Mississippi law, almost all Mississippi residents must apply state exemptions to their property, as Mississippi doesn’t allow filers to claim federal exemptions unless an exception for a certain kind of property is allowed under federal law. Mississippi isn’t alone in this approach, as only 17 states allow filers to apply federal bankruptcy exemptions to their property instead of state exemptions. The only scenario under which you’d claim anything other than Mississippi exemptions is if you moved to Mississippi less than two years ago. Because Mississippi residents only have one exemption model to apply to their assets, the process of claiming exemptions is relatively straightforward.
Read More →What Are the South Dakota Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated November 6, 2021
South Dakota is among the majority of states that doesn’t allow residents to claim federal bankruptcy exemptions. Sixteen states and the District of Columbia allow residents to choose from their state exemption structure or the federal exemption structure per the federal Bankruptcy Code. As South Dakota does not, this makes the process of claiming exempt property more straightforward because you won’t have to compare two schemes to see which is more advantageous. As long as you’ve lived in South Dakota for a minimum of two years, you’ll apply state bankruptcy law and federal nonbankruptcy exemptions only when claiming exemptions for your personal property.
Read More →What Are the Vermont Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated April 1, 2022
Bankruptcy exemptions protect certain property during a bankruptcy case. Vermont residents can choose between the state's bankruptcy exemptions or federal bankruptcy exemptions.
Read More →What Are the Washington D.C. Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated May 11, 2023
D.C. law allows Chapter 7 bankruptcy filers to apply either federal bankruptcy exemptions or exemptions unique to the District (including certain federal nonbankruptcy exemptions) to their property. This means that you can choose the set of exemptions that's best for your situation. The information below will help you to compare each set. Note however, that if you moved to the District of Columbia less than two years ago, you may be required to use the federal exemptions.
Read More →What Are the West Virginia Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated September 18, 2024
West Virginians filing Chapter 7 will need to use the state’s exemptions to protect their property during their bankruptcy case. West Virginia’s homestead exemption is $35,000 for single filers (you can double this amount if you’re married, filing jointly, and jointly own the property). The motor vehicle exemption is $7,500. There’s also a wildcard exemption you can use to protect any property that’s not otherwise protected. The wildcard exemption is $800 plus any unused portion of the homestead exemption.
Read More →What Are the Wyoming Bankruptcy Exemptions?
Written by Attorney Kassandra Kuehl.
Updated August 7, 2024
Wyoming requires residents to use state exemptions when filing for bankruptcy, so you don’t need to worry about federal bankruptcy exemptions. The state offers specific exemptions to protect your assets, such as up to $20,000 of equity in your primary residence and up to $5,000 in equity for one vehicle. However, Wyoming does not provide a wildcard exemption, which means you must use the designated categories to protect your property. The only exception is if you’ve lived in Wyoming for less than two years; in this case, you may need to use federal exemptions or those from your previous state.
Read More →Can You File Bankruptcy and Keep Your House?
Written by Krishna Patel. Legally reviewed by Attorney Andrea Wimmer
Updated October 28, 2024
Many people who file bankruptcy are able to keep their home, but whether or not you’ll be able to do so depends on several factors. To keep your home in Chapter 7, you’ll need to be up to date on your mortgage payments and your home equity must be covered by the homestead exemption in your state. In Chapter 13, you can catch up on missed mortgage payments through a repayment plan, which can help you keep your home and avoid foreclosure.
Read More →What Are the Georgia Bankruptcy Exemptions?
Written by Attorney Karra Kingston.
Updated September 5, 2024
If you’ve been a Georgia resident for the last two years before you file Chapter 7, you’ll need to use the state’s exemptions to protect your property during your bankruptcy. Exemptions are laws that outline what property you can keep during bankruptcy. The Georgia homestead exemption is $21,500. The motor vehicle exemption is $5,000. Georgia also has a wildcard exemption you can use to protect other personal property up to $1,200. If you don’t use the full homestead exemption, you can apply up to $10,000 of the unused portion to protect personal property as well.
Read More →How To Get Out of Paying HOA Dues
Written by Amy Carst. Legally reviewed by Attorney Andrea Wimmer
Updated October 1, 2021
If you live in a condo, you are likely familiar with the term homeowners association (HOA), and the purpose it serves. An HOA essentially creates and enforces the rules governing the property and residents of a condominium or other type of community association. When someone purchases property that is part of an HOA, they automatically become a due-paying member. These dues, called HOA fees, association fees, or association dues, can be low or high, just as the HOA rules may be lenient or very restrictive.
Read More →What Type of Bankruptcy Should I File If I Have Assets?
Written by Attorney Karra Kingston.
Updated April 1, 2022
If you are considering bankruptcy to help tackle your debt, your exemptions and assets will play a vital role in determining which type of bankruptcy you should file and what will happen to your property. This article will discuss what an asset is and why it matters when filing bankruptcy.
Read More →What Does Pawned Property Mean for My Bankruptcy?
Written by Curtis Lee, JD.
Updated July 28, 2023
You usually have a limited time period to get pawned property back. If you're within the time period, you still have a legal right to the property, so you need to list it on your bankruptcy forms. The automatic stay will also buy you an additional 60 days to repay the loan and get your property back. If the time period to get your pawned property back has passed, filing bankruptcy won't help you get your property back, but it can help you discharge the pawn debt. You can only get your property back by negotiating with the pawnbroker.
Read More →How to Protect Property from Garnishment
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated July 28, 2020
A garnishment is an order by a court to withhold and surrender a portion of a person’s pay to another entity that has been awarded a judgment against the debtor. Exemptions exclude certain property or funds from being taken by way of garnishment or levy.
Read More →Is Life Insurance Protected in Bankruptcy?
Written by Attorney Paige Hooper.
Updated July 25, 2023
If you own a life insurance policy that has a cash value or if you’re the beneficiary under a life insurance policy and the policyholder dies, it can affect your bankruptcy filing. You may be able to claim a policy with cash value as exempt, but this depends on your state’s exemption laws. If you receive money from life insurance policy after someone dies and you recently filed or will soon file bankruptcy, you need to report the proceeds to your bankruptcy trustee.
Read More →Intellectual Property and Bankruptcy
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated August 28, 2020
Intellectual property receives special treatment in bankruptcy. It's important to evaluate applicable law, review licenses, contracts, ownership status, and navigate IP laws, bankruptcy laws, contract laws, and state laws before filing a bankruptcy.
Read More →What Is the Process of a Nonjudicial Foreclosure?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated December 3, 2021
Most states allow nonjudicial foreclosures, which permit states to proceed with foreclosure sales without first obtaining a court order. Because nonjudicial foreclosures are much faster and less complex, homeowners don’t have as much time to defend against these actions.
Read More →What Personal Property Can Be Seized After a Judgment?
Written by Attorney Andrea Wimmer.
Updated July 19, 2023
If a creditor sues you to collect on an unpaid debt and wins, they'll get a court judgment against you. This court order allows them to collect on the debt by seizing your real or personal property (or putting a lien on it), garnishing your wages, or levying your bank account. Personal property includes everything from household goods to vehicles. Real property includes things like your home or land. Though creditors can legally seize real and personal property that isn’t covered by an exemption, this isn't common because it can be costly for creditors. It's more common for creditors to use wage garnishment or a bank account levy.
Read More →Does Bankruptcy Affect Child Support?
Written by Attorney Andrea Wimmer.
Updated September 29, 2020
Whether you’re receiving or paying child support, a bankruptcy filing will not affect it. If you’re owed back child support, it’s an asset. If you’re the one paying child support and owe an arrearage, it’s considered an unsecured priority debt that is not dischargeable.
Read More →Tax Refunds and Bankruptcy Exemptions
Written by Attorney Andrea Wimmer.
Updated April 19, 2022
Tax refunds can be used to pay creditors if they're not protected by an exemption. This is an overview of states with no or little protection for tax refunds.
Read More →4 Things To Know About Defaulting on Your Mortgage
Written by Attorney Kimberly Berson.
Updated July 20, 2023
Typically, a mortgage default occurs if the borrower misses payments, fails to pay real estate taxes, or fails to pay for homeowner’s insurance. A mortgage default could occur if the borrower transfers the title to a new owner without the consent of the lender. Default terms vary depending on the loan type and mortgage contract.
Read More →Can I Walk Away From a Mortgage?
Written by Lawyer John Coble.
Updated July 7, 2023
If you’re struggling financially and can’t make payments on your mortgage loan, you may be wondering what to do. If you owe more on your house than what it's worth, it could make sense to quit making payments and walk away from your mortgage, but it's good to keep in mind that there are consequences to walking away from a mortgage. There are also other options available to you for making your mortgage payment more manageable. Read on to learn about what you can do if you're upside down on your mortgage loan.
Read More →Can My Mortgage Lender Bid For My Home At A Foreclosure Sale?
Written by Natasha Wiebusch, J.D..
Updated July 22, 2021
As a homeowner, you might be surprised to learn that at the foreclosure sale, your own mortgage lender can place a bid (called a credit bid) on your home. Read more to learn about why mortgage lenders do this and what happens at a foreclosure sale.
Read More →How To Stop a Foreclosure
Written by Curtis Lee, JD.
Updated July 28, 2023
If you find yourself facing a foreclosure, it might seem like there’s nothing you can do to fight the process. But depending on your financial situation and the state you’re in, there may be several options to get back on track with your mortgage payments, reduce the impact on your credit report, or stop your lender from foreclosing on your home. This article examines the difference between judicial and nonjudicial foreclosures, the different stages of a foreclosure, and strategies you can use to stop a foreclosure.
Read More →What To Expect After a Foreclosure Sale
Written by Mark P. Cussen, CMFC.
Updated November 29, 2021
If your home has been foreclosed, you’re probably wondering what your options are at this point. Going through the foreclosure process is stressful, and having to figure out what to do next only adds to that. Fortunately, you do have options. There are few ways you may be able to stay in your home after foreclosure. Or if you decide it’s better to leave, you have options there too. Here’s what you can expect to see after the foreclosure process has run its course.
Read More →Mortgage Reinstatement: What Is It and How Does It Work?
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated November 8, 2021
If you’re behind on your mortgage loan payments and are now getting back on your feet, a mortgage reinstatement can help you bring your mortgage current. If you reinstate your loan and start making regular payments again, you won’t have to fret over a potential foreclosure or losing your property. Keep reading and we’ll help you learn more about what a mortgage reinstatement is, how it works, and what you can do if you’re not able to reinstate your mortgage.
Read More →Staying in Your Home During and After Foreclosure
Written by the Upsolve Team. Legally reviewed by Attorney Andrea Wimmer
Updated November 29, 2021
As long as the title to a house that hasn't been condemned remains in the homeowner's name, they may continue to live in that house. After a foreclosure has been finalized, if the former owner doesn't redeem their house, they'll have a limited amount of time to live there before they must move or risk formal eviction.
Read More →
