Hello justwondering44
Yes there are "better" States to declare bankrupcy than others.
The more "recommended" or liberal States are Florida and Texas if your
main worry is to keep your homestead, for example.
Texas and Florida have unlimited homestead exemptions, and Florida
also protect your retirement funds.
California has 2 different systems of bankruptcy. You must choose one.
Each have different exemption provisions.
-Nevada Exemptions:
Homestead
Real property or mobile home to $125,000 (husband and wife may not
double)
Must record homestead declaration before filing for bankruptcy.
Personal Property
Appliances, household goods, furniture, home and yard equipment to
$3000 total
Books to $1500
Burial plot purchase money held in trust
Funeral service contract money held in trust
Health aids
Keepsakes & pictures
Metal-bearing ores, geological specimens, art curiosities or
paleotological remains, must be arranged, classified, catalogued &
numbered in reference books
Mortgage impound accounts
Motor vehicle to $4500; no limit on vehicle equipped for disabled
person
One gun
More detailed info at "Bankruptcy 4U":
http://www.bankruptcy4u.org/exempt/nevada.htm
-California exemptions (System 1):
Homestead
Real or personal property you occupy including mobile home, boat,
stock cooperative, community apartment, planned development or condo
to $50,000 if single & not disabled; $75,000 for families if no other
member has a homestead (if only one spouse files, may exempt one-half
of amount if home held as community property and all of amount if home
held as tenants in common); $125,000 if 65 or older, or physically or
mentally disabled; $125,000 if 55 or older, single & earn under
$15,000 or married & earn under $20,000 & creditors seek to force the
sale of your home; sale proceeds received exempt for 6 months after
(husband & wife may not double)
May file homestead declaration.
Personal property
Appliances, furnishings, clothing & food
Bank deposits from Social Security Administration to $2,000 ($3,000
for husband and wife)
Building materials to repair or improve home to $2,000 (husband and
wife may not double)
Burial plot
Health aids
Homeowners’ Association Assessments
Jewelry, heirlooms & art to $5,000 total (husband and wife may not
double)
Motor vehicles to $1,900, or $1,900 in auto insurance for loss or
damages (husband and wife may not double)
Personal injury & wrongful death causes of action
Personal injury & wrongful death recoveries needed for support; if
receiving installments, at least 75%.
More detailed info at:
http://www.bankruptcy4u.org/exempt/ca1.htm
-California exemptions (System 2):
Homestead
Real or personal property, including co-op, used as residence to
$15,000; unused portion of homestead may be applied to any property
Personal property
Animals, crops, appliances, furnishings, household goods, books,
musical instruments & clothing to $400 per item
Burial plot to $15,000, in lieu of homestead
Health aids
Jewelry to $1,000
Motor vehicle to $2,400
Personal injury recoveries to $15,000 (not to include pain &
suffering; pecuniary loss)
Wrongful death recoveries needed for support .
More detailed info at:
http://www.bankruptcy4u.org/exempt/ca2.htm
-Florida Exemptions:
Homestead
Real or personal property including mobile or modular home to
unlimited value; cannot exceed 1/2 acre in municipality or 160 acres
elsewhere; spouse or child of deceased owner may claim homestead
exemption (husband & wife may double).
May file homestead declaration.
Property held as tenancy by the entirety may be exempt against debts
owed by only one spouse.
Personal property
Any personal property to $1,000 (husband & wife may double)
Health aids
Motor vehicle to $1,000
Pre-need funeral contract deposits
Pre-paid college education trust deposits
Pre-paid medical savings account deposits.
More detailed info at:
http://www.bankruptcy4u.org/exempt/florida.htm
-Texas Exemptions:
Homestead
Unlimited; property cannot exceed 10 acres in town, village, city or
100 acres (200 for families) elsewhere; sale proceeds exempt for 6
months after sale (renting okay if another home not acquired,
Must file homestead declaration.
Personal property
Athletic and sporting equipment, including bicycles; 2 firearms
Clothing & food
Home furnishings including family heirlooms
Jewelry (limited to 25% of total exemption)
1 two-, three- or four-wheeled motor vehicle per family member or per
single adult who holds a driver’s license; or, if not licensed, who
relies on someone else to operate vehicle
Pets & domestic animals plus their food: 2 horses, mules or donkeys &
tack; 12 head of cattle; 60 head of other livestock; 120 fowl
Burial plots (exempt from total)
Health aids (exempt from total)
($60,000 total if head of family, $30,000 if single; includes tools of
trade & unpaid commissions).
More detailed info at:
http://www.bankruptcy4u.org/exempt/texas.htm
At Bankruptcy4U website you can find very useful information related.
If you want to see property exemptions for other states please visit
"Property Exemptions" page:
http://www.bankruptcy4u.org/exemptions.htm
If you want to see a guide for Chapter 7 visit "General Procedures
(How Chapter 7 Works)" page:
http://www.bankruptcy4u.org/guide.htm
At "The Bankruptcy Site" you can learn about:
-Non-Dischargeable Debts:
http://www.thebankruptcysite.com/nondischargeable.htm
-General Bankruptcy Information:
http://www.thebankruptcysite.com/about_bankruptcy.htm
The Bankruptcy Site homepage is:
http://www.thebankruptcysite.com/index.htm
If you need a Lawer Guide:
http://law.chapter7.com/
Another page for State Exemptions:
http://www.cyberstation.net/paralegal/states.htm
Finally a good article of "Black Market Press":
"How to Win the Bankruptcy Game" (see the "Run to the Sun!" paragraph,
but the entire article is a nice piece):
http://www.blackmarket-press.com/info/bank/banking/bankruptcysecrets.htm
Search Strategy:
bankruptcy exemptions
bankruptcy secrets
bankruptcy homestead exemptions
Search engine:
Google
I hope this helps.
If you need a clarification, please feel free to post request for it.
This answer is not finished until you are satisfied with it.
Best Regards.
livioflores-ga |
