September 26th, 2009 | by admin |
Peter Gitundu asked:
There is a choice on what to keep when one has filed for bankruptcy in the United States. This is commonly referred to as the exemption scheme in which an individual chooses the items or assets they choose to keep. These range from clothes to homesteads. This is only applicable under the liquidation chapter and the debtor can choose the exemption scheme only when they have submitted a list of all the available assets together with an approximate value. Once this is done, through guidance, the debtor can choose what to keep or not.
In the case of bankruptcy, the debtor will require a stable amount of money after monthly expenses such as food, transport and other expenses have been deducted. Once the petition is filed together with a repayment plan, a trustee goes through it for flexibility and sends it to creditors to have it approved. If approved one can keep the assets.
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There is a choice on what to keep when one has filed for bankruptcy in the United States. This is commonly referred to as the exemption scheme in which an individual chooses the items or assets they choose to keep. These range from clothes to homesteads. This is only applicable under the liquidation chapter and the debtor can choose the exemption scheme only when they have submitted a list of all the available assets together with an approximate value. Once this is done, through guidance, the debtor can choose what to keep or not.
In the case of bankruptcy, the debtor will require a stable amount of money after monthly expenses such as food, transport and other expenses have been deducted. Once the petition is filed together with a repayment plan, a trustee goes through it for flexibility and sends it to creditors to have it approved. If approved one can keep the assets.
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Tags: Chapter 13, Child Care, Debtor, Financial Affairs, Repayment Plan
