Did you know that Chapter 7 bankruptcy is designed to provide quick relief from credit cards, personal loans and other unsecured debts?
Under Chapter 7 law, a filer may have to part with some property in order to partially repay their creditors. The good news is that bankruptcy laws allow certain property to by kept by the filer by claiming them as exempt. In fact, many filers find their assets completely protected by the exemptions in their state.
Chapter 7 bankruptcy exemptions vary in their specifics from state to state, but generally include many of the same categories. These categories often include:
To understand the significance of Chapter 7 bankruptcy property exemptions, it's important to understand how a Chapter 7 case works in bankruptcy court. These are the basics:
Because of the vast differences among state laws, it's important to understand how your state's bankruptcy exemptions operate before you decide to file your case. For this reason, you may want to consult with a bankruptcy lawyer practicing in your state.
To ask a local bankruptcy lawyer about your specific property and exemption potential, please fill out this form and arrange a free, no-obligation consultation.