It's hard to believe, but Americans are so fed up with looming credit card debt that many admitted in a recent survey they would give up some of their favorite things for the chance to be debt free. The debt survey conducted by Mr. Cooper showed that 33 percent of Americans admitted that credit card debt caused them to lose sleep, and 25 percent said that credit card debt is interfering with the family relationships.
Family jewels or family heirlooms are often not exempt from Chapter 7 bankruptcy proceedings. Even though many bankruptcy filers are surprised to find that a large bulk of their property will be exempt from liquidation, most luxury items like expensive jewelry, luxury cars, luxurious real estate property -- and even if they're family heirlooms -- will not be exempt from liquidation.
If you're like most potential bankruptcy filers, you've held on for as long as you possibly can. You may have even given up paying for your essential needs so that you can pay the money you owe on your credit cards. When push comes to shove, however, you may have no other option than filing for bankruptcy. Hopefully, you realize it's time to file as early as possible.
Many people suffer under a mountain of debt troubles for years -- even though they can easily qualify for Chapter 7 bankruptcy -- because they're worried that filing for Chapter 7 will result in the loss of their home. However, in numerous situations, Washington state residents will not have to liquidate their residence, and they can keep the equity they've saved in their home, even after the successful completion of their Chapter 7 bankruptcy.