Tag Archives: exemptions in bankruptcy

Most people probably do not understand that 90% of the time when someone files a Chapter 7 bankruptcy they do not lose any of their property.  This is because in a bankruptcy, you can keep all property which the law says is “exempt” from the claims of creditors. Exemptions can be determined under your state […]

Bankruptcy is a federal law that allows the honest but unfortunate debtor to get a fresh start.  Since it is a federal law, one might expect that filing bankruptcy would be the same anywhere in the country.  Oddly, this is not true because the Bankruptcy Code allows each state to apply some of its own […]