Which assets can be taken and which cannot in a bankruptcy case? Why are there distinctions?: which assets can the court take and which assets can they not take? Why are there distinctions?
Kathryn's answer: The state legislators choose to protect from creditors certain assets. Basically, the state decides what kinds of assets are protected and to what extent (up to what worth). The logic is that there are certain things that need to be protected so that a debtor can start fresh after bankrutpcy with some basic things. Practically speaking to take away your used clothes & the like would be a major headache & expense.
Is an Ira exempt in bankruptcy: Is Ira account exempt from bankruptcy in Florida?
Kathryn's answer: yes
In chapt 7 bankruptcy are judgement liens priority over unsecured?: I know that 1st liens (mortages) are 1st in line. If property is sold by the trustee and there is a profit are judgement liens treated the same as regular credit card debt (that has not gotten a judgement). Are they all put together with everyone getting there % ? If i had back payroll owed to a employee would that be paid 1st or taxes, before the judgements and other unsecured debt get there%.
Kathryn's answer: Sounds like you might want to talk to a local bankrutpcy lawyer. There is also your state's exemptions to consider when looking at equity in real estate property.