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Creditors and Bankruptcy/BK Question
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Question
My boyfriend and father of kids, has filed for Bankruptcy. We have some items that are in both of our names. What are my rights to protect my assets? Can they also come into my home and take home furnishings etc....?
Each state allows a debtor to exempt certain property from attachment or seizure in a bankruptcy action or by creditors attempting to collect a debt. Most personal property is exempt. This would include furniture, appliances, beds, etc... The value of your personal property exemptions is a determining factor in some states and each has a different dollar value for equity in property. For example many states allow equity in a home up to $5k, personal property $1000, they cannot take wedding rings and family heirlooms. Jointly owned property may also be exempt since they cannot split a house in two or make him sell his interest in property without affecting you.However every state is different and some states are community property states and others are not.
Since I don't have a lot of information about your circumstance or which state you are in you will need to seek legal counsel for definitive answers to your questions. I can only speak in generalities and don't want to misspeak. I suspect your assets are safe but you will need to confirm this with a local attorney.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. We are well versed in Loss Mitigation practices and the legal collection process. We have helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. We actively promote Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
28 years in financial services industry as a loan officer and debt collctor. Developed bankruptcy and loss prevention manual for large finance company for manager training. 15 years as a debt counselor and consumer advocate.
Education/Credentials
Veterans sponsored OJT Manager Candidate Scool for AVCO Financial Services, Keystones to Management for ITT Financial Services, Certified Finance Management for Associates Financial Services.
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