When filing for bankruptcy it is easy for petitioners to assume that all of their possessions will be taken from them and they will be left with nothing. Fortunately, bankruptcy is not always so severe. With an experienced bankruptcy attorney, petitioners can find themselves keeping a surprising amount of their property.
Each state has its own bankruptcy exemption system. This system allows a petitioner to place property of a certain type into an exemption. For example, a petitioner may find that their state has a Chapter 7 vehicle exemption up to $6000. If the petitioner’s vehicle is worth less than the exemption, they will be exempt from giving it up. If the vehicle is worth more than the exemption, for example $10,000, then the vehicle would be sold for its worth and the petitioner would receive $6000 for the exemption amount.
Exemptions can allow petitioners to keep their vehicle, their house, their retirement funds, or a number of specific items. Some states allow petitioners the option of either the state exemptions or the federal exemptions and some states, like California, even have multiple exemption systems to choose from.
The best way to determine the most ideal exemption options for your bankruptcy is to consult with an experienced bankruptcy attorney. The best place to find an experienced bankruptcy attorney is at Attorney at Law. At AAL, our national network of attorneys and law firms ensures that we can match you with an attorney who best fits your situation.
Our partners are selected not just for experience and efficacy, but also for the level of compassion that they demonstrate towards clients. Our partners understand that bankruptcy is an upsetting time and will do everything in their power to wipe out your debts without wiping out your life.
Don’t wait: contact AAL today for a free, no obligation consultation and begin your journey to financial liberation.