Assertion: bankruptcy's asset | /r/HasProperty | exempt
Facets:
value: from liquidation
type: OTHER
value: from sale
type: OTHER
value: usually
type: DEGREE
value: in chapter
type: LOCATION
value: from this
type: OTHER
Source sentences:
text: The assets that are exempt from this may vary from state-to-state.
text: Bankruptcies turn over nonexempt assets to the trustee
text: The assets a debtor keeps are known as exempt property.
text: However, that rarely happens in typical Chapter 7 bankruptcy cases, because many assets are exempt.
text: Certain assets are exempt from liquidation.
text: Some assets—typically including part of the equity in your home and automobile, personal items, clothing, tools needed for your employment, pensions, Social Security, and any other public benefits—are exempt, meaning you get to keep them.﻿﻿
text: If the collateral increases in value and the debtor (rather than the estate) keeps the collateral (e.g., where the asset is exempt or is abandoned by the trustee back to the debtor), the amount of the creditor's security interest may or may not increase.
text: You might be forced to sell any non-exempt assets, although important assets like home, car, equipment for work, are exempt and can be retained.
text: Some assets are exempt from sale, but all nonexempt assets may be included in the liquidation process.
text: (Assets that are exempt from liquidation vary from state to state, but often include cars, necessary clothing, reasonable household goods and furniture, appliances, some professional tools, and a portion of ownership in the debtor’s home.)
text: That said, state laws determine that some assets, such as your retirement accounts, house and car, are exempt from liquidation.
text: Some assets, including 401(k)s and pensions, may be exempt.
text: What assets are exempt in Chapter 7?
text: However, assets that are considered to be necessities are usually exempt from sale.
text: Some assets may be exempt or removed from the bankruptcy estate.
text: Chapter 7 bankruptcy doesn’t require a repayment plan but does require you to liquidate or sell nonexempt assets to payback creditors.