Hiring A Bankruptcy Attorney For Peace Of Mind
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The Loss Of Property During Chapter 7 Bankruptcy: What To Know
In Chapter 7 bankruptcy, a debtor's non-exempt personal property may be sold by the bankruptcy trustee to help pay off creditors. However, it's important to note that federal and state laws provide exemptions that protect certain types and amounts of property from being liquidated in bankruptcy. What Is Exempt Property? Exempt property is typically protected and cannot be taken by the trustee to satisfy debts. Common examples of exempt property may include a portion of the equity in a primary residence, a vehicle up to a certain value, necessary clothing, household goods, tools of the trade, retirement accounts, and certain public benefits.
Hello, my name is Kiley, and if you have major debts and you're thinking about filing for bankruptcy, this is the blog you need to read. Two years ago I was very much in debt, and then I was laid off from my job. The only alternative I had was to file bankruptcy. I was very nervous about filing bankruptcy until I spoke with a bankruptcy attorney. The attorney explained the bankruptcy process with me in terms that I could understand. After the consultation, I felt much better. If you're considering filing bankruptcy, this blog explains the process so you'll know what to expect. I wanted to write this blog so that I could help other people who are in the same situation and to let them know how the process works.