CH 7 BK Excemptions

Date: Wed, 06/03/2009 - 10:01
Submitted by sixxgurl1982 on Wed, 06/03/2009 - 10:01
Posts: 69
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Background: Filing BK CH 7 in VA on 6/30/09.
Questions:
1. Cars - have 2. One worth $500 (96 Dodge Avenger, paid for) Second worth $6000 (05 Ford Taurus) still owe $10000 - Lawyer said no problem on keeping both cars - sound resonable?
2. Concerned about household goods. Just bought 42' LCD Phillips TV in Feb. Will I be able to keep. Also no idea how to estimate the value of this.
3. About TV again, bought w/ check card I know asks about purchases made $500, but I didn't buy it w/ credit - so is that ok?
4. Lawnmower, 54' cut Poulan Pro - will the trustee take that? Also no idea how to value that either.
5. Bought concert tickets back in March for a concert in August - any problem w/ that? Can I keep them? Paid for with checking account.


In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. Virginia permits every householder exemption of real and personal property from creditor process arising out of a debt, an amount up to $5,000.00 in value, and an additional $500 in value for each dependent. (VA Code 34-4.) In addition, Virginia provides certain enumerated poor debtor's exemption. Some of these exemptions include the family Bible, wedding and engagement rings, family portraits and heirlooms not to exceed $5,000.00 in value, burial ground, wearing apparel, household furniture and furnishings, book, tools, and motor vehicle not to exceed $2,000 in value. (VA Code 34-26.) Court award or settlement proceeds from personal injury or wrongful death actions generally are also exempt. (VA Code 34-28.1.)
In a bankruptcy proceeding, a debtor, who is a resident of Virginia, is not permitted to elect the exemptions provided under the federal Bankruptcy Code even if the federal exemptions may be more beneficial in his situation. (VA Code 34-3.1.)


Submitted by NASCAR_Devil on Wed, 06/03/2009 - 10:48

NASCAR_Devil

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