Bankruptcy Information from Chapter 7 and Chapter 13 Bankruptcy Lawyers

May 24, 2012 - PRLog -- If you file for bankruptcy under Chapter 7 or 13, your bankruptcy lawyers in Hauppauge, NY will have a look at your bankruptcy estate; which is the property you own at the day you file for bankruptcy. Everything is in your possession that you own, whether or not you owe money on it, for instance a car, real estate, clothing, books, television, stereo system, furniture, tools, boat, artwork or stock certificates which all is included in your bankruptcy estate. Property that is in your possession but belongs to someone else is not part of your bankruptcy estate. The reason is you have no right to sell it or give it away.

A Chapter 7 Bankruptcy Lawyer in Long Island NY will advise you that your bankruptcy estate also includes property that you own, but you don’t possess when you file for bankruptcy. You can own something but don’t have physical possession of it. These possessions can be a car that someone else is using, a security deposit held by your landlord or a business in which you have invested money. When you file for bankruptcy New York, they will take a look at your possessions and determine whether or not it is bankruptcy estate.  http://cnnbankruptcy.com

When you’re seeking bankruptcy information to better understand property that you are entitles to receive such as wages, royalties or commissions, a tax refund, property you inherited but not yet received, proceeds of insurance policies or money owed to you for goods or services you provided. If you are married and filing jointly in a common law state, your bankruptcy estate includes all the property you and your spouse own. http://cnnbankruptcy.com/chapter-7-bankruptcy-lawyers-in-...

If you are filing alone for bankruptcy in a common law state your bankruptcy estate includes your separate property and half of the property that is jointly owned by you and your spouse unless you own the property as tenants by entirety. Property you and your spouse jointly own as “tenants by entirety” usually receives special protection in bankruptcy if firstly in certain states such as Florida, Hawaii or Indiana and secondly only one spouse files for bankruptcy. In that event, the filing spouse’s creditors typically cannot take property that both spouses own as tenants by the entirety.  If both spouses file this protection doesn’t apply. Your bankruptcy attorneys in New York will look at your and your spouses’ situation one by one and advise you on each single property you own and what to list in your bankruptcy estate. https://twitter.com/NYChapter7BK

Bankruptcy lawyers in Hauppauge, Long Island NY will guide you through the process and make the decision for you whether you can hold on to that property, or at least some of the property’s value in dollar terms, depending on what the property is worth, which exemptions apply and what type of bankruptcy to file.  Bankruptcy attorneys in New York will create an inventory list of your property and match it with the available exemptions..