Easy Introduction to Chapter 7 Exemptions

If you do not know the first thing about bankruptcy, then listen closely. Filing for the chapter 7 bankruptcy means that you can keep some of your possessions, and these are called chapter 7 exemptions. How do you arrive to filing such in the first place? This can be due to a business debt or individual cases. Generally, your house is exempted from this bankruptcy filing, but the rules still differ in every state.

In most cases, clothing is also exempted, as well as the furniture’s inside the house. So you will not walk away with absolutely nothing. However, it is still best to know what the main exemptions in your area are to remove confusion and doubt. That is why it is preferable to have a lawyer by your side when you file for bankruptcy, or at least someone who knows what they are doing to help you in every step of the way.

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