The leading textbook in Artificial Intelligence. Used in over 1000 universities in 91 countries (over 90% market share) and the 85th most cited publication on Citeseer.
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A branch of computer science that studies how to endow computers with capabilities of human intelligence. For example, speech recognition is a problem being worked on by AI scientists.
Will You Lose Your Home After Filing Chapter 7 Bankruptcy?
A Chapter 7 Bankruptcy is designed to give you a fresh start by discharging your debts. But some property that is not exempt may be sold in order to pay off creditors.
If you are considering a Chapter 7 bankruptcy then it is important to know what you can and cannot exempt.
Each state has different exemption rules. In Tennessee a single individual can exempt $5,000 of their homestead (house) while a married couple can exempt $7,500.
Tennessee law exempts up to $12,500 of the value of a home if the individual filing bankruptcy is 62 years of age or older. If a married couple files a Chapter 7 and one spouse is 62 years of age or older and the other spouse is under 62 years old Tennessee laws provides for up to a $20,000 exemption. If both spouses are 62 or older the exemption rises to $25,000.
A person who can claim one of more dependent children may exempt up to $25,000 of the value of their home. A married couple with a child or children receives a $50,000 exemption.
If you own a house and are considering filing Chapter 7 bankruptcy you will want to know how much equity you have in your house. If the amount of equity is less than the amount you can exempt, then you can keep your house after filing a Chapter 7 without paying any money and without risk of the Trustee auctioning your house to pay creditors.
Filing Chapter 7 when your equity exceeds you allowed exemption may result in either yu having to pay the difference to your creditors or the Chapter 7 Trustee selling your house and paying creditors with the proceeds, minus your exempted amount.
The last point to consider is that you usually do not want to file a Chapter 7 if you are behind on your mortgage payments. When you are behind on your mortgage, a Chapter 13 might be a better option for someone wanting to keep their home.
Tags: attorneys, bankruptcy, bankruptcy attorney, bankruptcy attorneys, bankruptcy law, chapter 13 bankruptcy, chapter 7 bankruptcy, credit, debt relief, debtor law, law, lawyers, legal
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