CONSUMER BANKRUPTCY WHAT PROPERTY CAN I KEEP IN BANKRUPTCY? Typical examples of property that you can keep a car if subject to finance and with little equity clothes household goods and furniture appliances your principal home if and only if there is little or no equity personal effects jewellery professional tools income from social security disability public assistance unemployment some pension funds child support and maintenanc Please note that in all of the above cases property can be retained where it is the subject of a Charge or is purchased on hire purchase and if there is no or little equity in the property In addition it should also be noted that if any of the above listed items are of particular value for example valuable jewellery or furniture then they will properly fall into the bankruptcy   In relation to matrimonial homes it should be stressed that even if there is substantial equity in the property the Trustee in bankruptcy cannot ordinarily repossess the property within one year of the making a Bankruptcy Order This will not however prevent a charge holder commencing repossession proceedings In many cases property will be co owned by the debtor’s spouse The

                          Bankruptcy in Brief              a service of the Moran Law Group   What happens to assets that have non exempt equity? The theory of bankruptcy is that non exempt property is liquidated by the in a Chapter to provide a fund to pay claims of creditors    In the real world trustees sometimes elect not to administer assets that have little non exempt value because the costs of doing so will consume the dollars collected   So the trustee may simply elect to allow the debtor to keep assets that have only a small amount of non exempt value   The asset is deemed abandoned back to the debtor If a trustee elects to administer an asset that is partially exempt the debtor may be the most obvious purchaser   Who knows the asset better or wants it more than the debtor?  The trustee may even allow the debtor to buy out the estate's interest over a short time period   If the trustee sells a partially exempt asset to a third party he must pay the debtor the amount of money equal to the allowed exemption from the sale proceeds In Chapter the debtor

    If you are unable to keep up with your mortgage payments car payments or credit card bills fill out our Massachusetts Ave NW Washington DC Washington DC Virginia Maryland fax Practice Areas Maryland Exemptions Exemptions for Property in Maryland Bankruptcy Proceedings Homestead Exemption This exemption can be used to protect a portion of the equity in your house In addition any profits such as rent derived from exempt property are exempt Clothing Textbooks Bible Family Pictures Exemption Our Maryland bankruptcy attorneys use this exemption to protect a portion of the equity in various personal items such as your clothing and personal heirlooms Life Insurance Proceeds Exemption Using this exemption our Maryland bankruptcy attorneys can protect life insurance payments made to you from a policy under which you were a dependent as long as that amount is reasonably necessary to support you and your dependents Qualified Retirement Plan Exemption The bankruptcy attorneys at Ammerman & Goldberg can protect a portion of the proceeds from your retirement plan including stock bonuses pensions profit sharing plans and annuities as long as your savings are in a qualified retirement plan Tools of the Trade Professional Books Exemption This exemption can be used

Recent Developments Concerning Intellectual Property and Bankruptcy by Kenneth N Klee Esq Isaac M Pachulski Esq David A Fidler Esq Mette H Kurth Esq and Eric D Winston Esq + © all rights reserved I INTRODUCTION In an economy in which patented technology copyrighted media and software content product differentiation based on trademarked brand names and high tech businesses play a major role rights to intellectual property such as copyrights patents and trademarks may be of critical importance to a business enterprise Such rights often depend on contractual licenses which may be negatively affected by a bankruptcy filing by one of the parties to the contract This outline explores the effect of a bankruptcy filing on the nondebtor's rights under an intellectual property license both where the debtor is the licensor and where the debtor is the licensee In addition where a lender extends secured credit to an enterprise whose value is derived in large measure from intellectual property rights such rights may comprise a substantial portion of the value of the lender's collateral either directly security interests that implicate intellectual property rights as well as certain issues germane to dot com companies II THE EFFECT OF BANKRUPTCY ON INTELLECTUAL

Bankruptcy exempt property


Bankruptcy property