Divorce and Federal Bankruptcy Exemptions a Spouse can use Under § 703.140
At the Orange County Law office of David P Schwarz we have assisted our clients in filing for a divorce and bankruptcy. We have made sure that they have adequately protected their property and avoided any financial disaster that may result from a bankruptcy and divorce. Please contact our office at 949 735 9266 or via the web. We can also be reached by email at firstname.lastname@example.org.
A Divorce lawyer will protect the spouses if they are joined in the petition, they jointly may elect to utilize the applicable exemption provisions under bankruptcy law.
The following exemptions may be elected as provided under the bankruptcy code.
The debtor's can protect ($24,060) in value of real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence. That means the spouse can protect some interest in the real property and not be completely depleted financially from the divorce proceedings.
The Divorce attorney can also make sure the debtor spouse is protected and can save ($4,800) in value of one or more motor vehicles. This provision again saves the debtor spouses from complete catastrophe from losing a motor vehicle which they will need in the future.
An Orange County attorney will protect the spouses and permit them to make an exemption not to exceed six hundred dollars ($600) in value in any particular item which includes household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use. The bankruptcy laws are made to help the spouses get a new beginning a rise up again from the divorce action and keep some of their belongings that might have otherwise been lost forever.
The spouses can also protect their jewelry and exempt for bankruptcy proceedings ($1,425) which must be held primarily for the personal, family, or household use of the debtor or a dependent of the debtor.
The Law Office of David P Schwarz will help you protect your personal tools of the trade in the amount of seven thousand one hundred seventy-five dollars ($7,175) in value. These also can include professional books.
The spouses can also protect any unmatured life insurance contract owned by the spouses, other than a credit life insurance contract.
In addition the divorce lawyer the spouses can exempt in the bankruptcy actions their social security benefit, unemployment compensation, or a local public assistance benefit.
Finally the spouses can protect their veterans' benefit, disability, illness, or unemployment benefits as well. Also when it comes to divorce all issues of alimony and support are exempt in the bankruptcy.
At the Orange County Law Office of David P Schwarz we will fight for your rights under the bankruptcy law in federal Court. Please contact our office at 949 735 9266 or via the web. We can also be reached by email at email@example.com.