Property Exempt from Seizure

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Spokane Valley Bankruptcy Attorney

A Spokane Valley bankruptcy attorney is someone who would represent on your behalf and who would help you understand and be familiar with the things about Liquidation bankruptcy also known as Chapter 7.

There are some issues and other things that people would not understand about legality especially when it comes to the property of the state. Generally, the property of the estate is anything that you have legal or equitable interest in at the time of petition.

A complicated test is instituted to stop those who can afford to pay from getting out of their debts scot-free. The court may dismiss a case filed by an individual whose debts are primarily consumer debts if the court finds that the granting of relief would be an abuse of Chapter 7.

A Spokane Valley bankruptcy attorney knows that the court assumes there is no abuse if the debtor’s income is below the median income for the state. If the income is above the median income, then the debtor is subjected to the complicated § 707(b)(2)(A) test.

If the surplus income is less than $100/month you always pass the test. If the surplus income is between $100 and $166, then your surplus must be less than 25% of the total unsecured debt. If the surplus income is above $166, you’ll never pass the means test. Expenses are calculated using the National Standards, used by the IRS, supplemented by the Code. Privates schools may be covered up to 15%, payments to cure arrearages on priority debts.

Spokane Valley bankruptcy attorney always keep an eye on the Property Exempt from Seizure of their clients.

They know that the debtor may use the exemptions provided by the IRS Code, or some states have the option of opting out and forcing the debtor to use the exemptions provided by the state. Also, 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.

As a general rule, 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.

If the things above mentioned are hard and difficult to understand, a Spokane Valley bankruptcy attorney can help you understand all of those things. The words and terminologies are highly methodological and technical. And ordinary citizens would not understand every word of it. So a Spokane Valley bankruptcy attorney is always there ready to help you.

Also, a Spokane Valley bankruptcy attorney will help you act on your behalf on the process of the elimination of your debts. They are also the ones who can do businesses for you under your authority. They will help you see the big picture on how to get hold of and achieve a debt relief.