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The basis of bankruptcy protection comes from federal U.S. laws. However, individual states may have their own specifications and requirements when it comes to filing, particularly where Chapter 7 bankruptcy matters are concerned.
Here, bankruptcy attorney Kevin Chern discusses the variation of bankruptcy laws, and how you can find out which ones may apply to you.
KEVIN CHERN, BANKRUPTCY ATTORNEY: Are the bankruptcy laws the same in every state? There is one part of the bankruptcy law that varies from state to state. When filing for Chapter 7 bankruptcy, something known as Chapter 7 exemptions come into play.
The exemption laws determine how much of your personal property you can keep when you file bankruptcy.
But don't get me wrong, overwhelmingly the majority of people who file bankruptcy keep 100 percent of all the personal property including their home, their car, and all their household belongings.
So again, overwhelmingly people keep almost all or entirely all of their property when they file bankruptcy thanks to the Chapter 7 exemptions, which are very specific and detailed. However, they are different in every state.
The best way to determine exactly what property you're going to be able to protect when you file bankruptcy is to speak with an attorney.
You can do so by filling out the form on this page or you can call the toll free number and we can have you on the phone with the bankruptcy attorney in your local area in just a moment.
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