Q: Give example of: Homestead exemption, Catch-all Exemption, Equity, Conversion, Dismissal, Bankruptcy petition preparer.
A: I’m not sure I understand this question aside from needing definitions to such. You may want to speak with a Bankruptcy lawyer who can help you. A homestead exemption allows you to file bankruptcy and keep your home. Equity is the difference between the value of your home and how much you owe. A bankruptcy petition preparer is someone who prepares a bankruptcy petition on behalf of the debtor. Anyone who is not a lawyer and providing legal advice to do this can get in trouble. Conversion is converting a case from one chapter to another and dismissal is having your cases dismissed for example, failing to do something that the court asks etc. you definitely should speak with a lawyer if you are confused about these definitions and how it applies to your case.
Derek John Soltis agrees with this answer
Ny homestead exemption varies by county. A catch-all would be a wildcard that exempts any type of property. The federal exemptions tend to be better than NY State exemption for wild card.
Equity is the difference between what is owed and the value of the item secured by a loan like a house or car. If you own a home worth $250,000 and owe $275,000 there is no equity. If you owe $240,000 you have $10,000 in equity and you would want to declare an exemption of $10,000 to keep that out of the trustees hands.
Conversation is when a bankruptcy switches chapters such as from a 7 to 13. For instance some one declares a chapter 7 bankruptcy, and the trustee thinks the value of a property has 100,000 in equity above exemptions and moves to sell the property. A debtor would want to convert his chapter 7 to a chapter 13.
Any one who prepares a bankruptcy petition is a bankruptcy petition preparer. If you do it for your self it is called filing pro se. If a non-attorney does it for you they need to file a form for you to submit to the court.
If you have questions, talk to a bankruptcy attorney. Most will not charge for a consultation.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.