Part of a bankruptcy lawyer's job when representing you in Chapter 7 proceedings involves getting you qualified for as many exemptions as possible. This will allow you to avoid the liquidation of different assets, so that you can keep them and continue to use them.
Interestingly, you may be surprised by how many assets you will be permitted to keep during your bankruptcy liquidation proceedings. Here is a list of some of the most common exemptions that you might be able to qualify for in this regard:
- Homestead exemptions: Up to certain limitations, you may be able to keep your home from liquidation. Or, at the very least, you may be able to keep part of the value of your home.
- Vehicle exemptions: Your personal vehicle, up to specific limits, could also be protected from liquidation. This will allow you to keep your car and continue to use to drive to work and carry out your other daily transportation needs.
- Personal property exemptions: There are many personal items -- like jewelry, clothing, home furnishings, appliances and other items -- that will be exempt from liquidation up to certain limitations.
- Wildcard exemptions: Some items you won't be able to categorize, but you'll still be able to get them exempt from liquidation. Your lawyer will try to use wildcard exemptions strategically on your behalf to prevent the liquidation of various uncategorizable property.
Are you in the throes of a difficult debt circumstance? A King County bankruptcy law attorney can assist in evaluating the various debt resolution strategies that could help you and your family get out of debt.
Source: FindLaw, "Bankruptcy Exemptions: Chapter 7," accessed Sep. 08, 2017