
Chapter 7 bankruptcy filings can be a useful form of debt relief for people without a steady income, or with a debt burden that is far beyond their means of repayment. Because Chapter 7 bankruptcies require non-exempt assets to be liquidated in order to pay off creditors, it is important to know which assets are beyond the reach of creditors (exempt) and which may be in danger of being seized by the trustee and liquidated (non-exempt). There are limits to how much value in certain assets is exempt, which may affect the debtor's ability to protect their house or automobile. A careful analysis of exemptions is crucial to deciding whether a client should file under Chapter 7 or Chapter 13.
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- Personal Bankruptcy
- Chapter 7
- Chapter 13
- Chapter 11
- Small Business Bankruptcy
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