Chapter 7 and Statutory Liens

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Spokane Chapter 7 Lawyer

A Spokane chapter 7 lawyer is someone who will help you get through with the chapter 7 which is the liquidation bankruptcy.

A Spokane chapter 7 lawyer has an adequate grasp of knowledge that the trustee and creditors only have 30 days from the § 341 meeting to object to the claimed exemptions – Rule 4003(b); § 522(l) states that unless an objection is made, the property is exempted as claimed.

Generally, a debtor’s exemption doesn’t avail against the holder of a valid consensual security interest in that property. By granting the interest, a debtor has effectively waived the right to assert the exemption against the consensual lien-holder.

Statutory liens are also usually immune from exemption claims. An exemption normally takes precedence over a judicial lien that attaches to the property – § 522(f)(1)(A).

A Spokane chapter 7 lawyer is acquainted with the fact that a debtor may avoid a non-possessory non-purchase money security interest in specified household or consumer goods, tools of trade, or professionally prescribed health aides to the extent that the security interest impairs an exemption in such property – § 522(f)(1)(B).

If you want to keep your property that is only partially exempt, you must pay the difference between what you owe and the exemption.

You have to let your lawyer know about your side and the things which you think are best and good for you.

A Spokane chapter 7 lawyer will remind you that exemptions are property of the estate until their status is clarified and always keep in the mind the rules about state law, adjusted by § 522(o).

Also, A Spokane chapter 7 lawyer will see to it that you will be well informed about things pertaining to Claims and Distributions. The term claim means (A) the right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured.

To qualify as a claim, the obligation must give rise to a right to payment; a non-monetary right (such as an injunction that merely mandates or restrains some conduct of the debtor without any alternative for a monetary remedy) is not a claim. Furthermore, If the obligation is not a claim, the obligee has no right to participate in the bankruptcy distribution, and the obligation is not discharged in bankruptcy.

Moreover, a claim is unliquidated if its amount is not fixed and certain and cannot be calculated arithmetically from known data. So, a Spokane chapter 7 lawyer knows that a claim is contingent if the debtor’s liability is conditional upon the happening of a future uncertain event.

It is unmatured until the time for payment comes about and is disputed if the debtor challenges the existence or extent of liability. The fact that a debt is disputed does not, in itself, make the debt unliquidated or contingent if the underlying debt itself is of fixed amount and unconditional.

In addition, a Spokane chapter 7 lawyer also understand that creditors must file a §501 proof of claim form; secured creditors must also file a security agreement and financing statement. In the Rule 3002(a), an unsecured creditor or an equity security holder must file a proof of claim or interest for the claim or interest to be allowed.