Bankruptcy Exemption
Instructions
Statutory references and/or Bankruptcy Code sections clearly identified.List of exempt property comprehensive.Examples used effectively to illustrate exemptions identified.Bankruptcy ExemptionsCourse outcome addressed in this Assignment:PA261-2: Identify bankruptcy exemption rules.InstructionsClients often ask if they can keep their property after a bankruptcy. In order to know how to answer this, prepare a list for your paper of exempt property that you would present to a client. Describe the exemptions and cite to the appropriate bankruptcy rule.
Answer
Bankruptcy ExemptionsThe U.S Code Title 11 deals with different sub topics that are important in the legal process of applying for a bankruptcy by different persons. The practicality an application of these laws assume that properties of the applicant becomes property of the estate once the bankruptcy case has been initiated. However, to protect the basic rights of individual debtors, the laws provide for certain exemptions that clients can take advantage of regarding certain basic properties. The application of these exempt properties differ from one state to another with general guidelines based on federal exemptions statutes. This serves the purpose of ensuring that the management of the debts is conducted in a reasonable and humane manner.One of the key properties that is protected or...
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