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Solutions for a Financial Crisis
While Chapter 7 bankruptcy is protected and overseen by federal courts, each state has their own way of doing business. And if you need debt relief and protection, you should know that not all state bankruptcy laws are created equal.
Chapter 7 is most effective at wiping out debt related to credit cards, medical bills and other types of “unsecured debt.”
But bankruptcy can also offer strong protections for your property. Familiarize yourself with the laws and Chapter 7 bankruptcy exemptions in your state to maximize your filing.
To know exactly what can be protected through bankruptcy, speak with a local bankruptcy. Your lawyer can explain, in detail, exactly how the laws in your state will protect you and your home, car and other belongings.
Complete the free case evaluation form on this page and we’ll connect you right away with a local bankruptcy lawyer.
Why Chapter 7 Bankruptcy Exemptions Matter
To accomplish its instant elimination of debt, Chapter 7 bankruptcy allows for a sale of non-exempt property to cover debts. However, in most Chapter 7 bankruptcy cases, there is no sale of any property. That’s because the bankruptcy filer took advantage of state exemptions.
Exemptions outline the types and amounts of property that cannot be sold when you file Chapter 7 bankruptcy. For example, some states may let you keep a car worth up to $5,000 while other states may limit you to a vehicle values at $1,500.
Take a closer look at the states with the strongest bankruptcy protections.