Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Exempted Property in a Bankruptcy Case

28 views

Published on

Real estate law firm Codilis and Associates serves clients in the legal area of creditor rights. Located in Burr Ridge, Illinois, Codilis and Associates is run by legal professionals with expertise in multiple areas of real estate law, including building court and bankruptcy.

Published in: Law
  • Be the first to comment

  • Be the first to like this

Exempted Property in a Bankruptcy Case

  1. 1. EXEMPTED PROPERTY IN A BANKRUPTCY CASE Codilis,Codilis & Associates
  2. 2. Introduction ■ Real estate law firm Codilis and Associates serves clients in the legal area of creditor rights. Located in Burr Ridge, Illinois, Codilis and Associates is run by legal professionals with expertise in multiple areas of real estate law, including building court and bankruptcy. When an individual declares bankruptcy, state and federal laws must be examined to determine if his/her real estate property is exempt from liquidation. Generally, individuals may retain enough real estate property to ensure a 'fresh start’ after bankruptcy proceedings.This includes any property deemed necessary for daily living, such as a main residence, vehicles, and furnishings. A portion of the equity in these exempt properties may also be retained by the filer.The federal government allows an equity exemption of just over $23,000.The amount of equity that is exempted in a bankruptcy case differs from state to state, however, and in 17 states, individuals can decide to apply either the state or federal exemption amount to their case.

×