Bankruptcy law allows you to keep items that are paid for such as furniture and personal belongings as long as the total resale value of those items is within the allowed amount of exempt property. This limit is $10,000.00 per person or $20,000.00 per married couple filing jointly. Additional property may be kept for specific
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What does equity mean?
Equity is the amount of value left in your property after subtracting what you owe to any creditors who hold mortgages or other liens from the fair market value of the property. Fair Market Value is the amount the property could be sold for today, not the amount you paid for it. If nothing is
[ more ]What happens if the creditor decides to go after my real or personal property?
A judgment is automatically a lien on your real estate. However, a creditor cannot apply for a writ of execution to sell your property unless the equity in your property is greater than the legally protected (exempt) amounts of equity after deduction of any mortgages or security interests.
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Recent Posts
Attorney Megan Quillen Earns Certification as Consumer Bankruptcy Law Specialist
The law office of Harlan and Quillen is proud to announce that attorney Megan Quillen has been named board certified by the American Board of Certification (ABC) as a Consumer Bankruptcy Law Specialist. “Achieving board certification as a Consumer Bankruptcy Law Specialist is a proud moment in my legal career,” says Quillen. “I am honored
H&Q Paralegal Receives Advanced Certification
H&Q Paralegal April Watson recently achieved the Fair Credit Reporting Act (FCRA) Advanced Certificate through the Professional Background Screening Association. The certification program content included fair credit reporting compliance, accuracy and litigation information and strategy. Watson manages the firm’s credit report review process. H&Q provides a no-cost credit report review for clients following their bankruptcy
H&Q Attorney Keith Slocum named to the Board of the American Board of Certification
Consumer bankruptcy firm, Harlan and Quillen, is proud to announce that attorney Keith Slocum has been named to the Board of the American Board of Certification (ABC). “I’m honored to be named to the ABC board and work alongside other professionals that are leading our legal field,” says Slocum. The ABC is the premier legal