If you're reading this blog -- and considering the unthinkable thought of freezing your credit cards in a block of ice -- then you're probably struggling with some debt problems. In fact, many people try and fail to curb the impulse to use their credit cards at the drop of the hat, but the odd strategy of putting your credit cards in a block of ice just might work.
One of the most important responsibilities of a bankruptcy attorney during Chapter 7 proceedings is to ensure that his or her clients get as much of their personal property exempt from liquidation as possible. The process of getting certain property exempt may require some strategic legal action, but sometimes, bankruptcy filers are surprised at just how much of their property actually qualifies for exemption.
There are several reasons why you might want to file for Chapter 7 bankruptcy immediately. The problem is, many people in these situations still continue to wait a very long time before reaching out to a bankruptcy lawyer. This kind of a delay will only make your debt situation worse. If you're currently experiencing one of the following debt scenarios, Chapter 7 bankruptcy could be right for you.
Asking about bankruptcy exemptions in Chapter 13 proceeding is not the norm, but it indicates a more detailed understanding of the law. In fact, most people associate "exemptions" with Chapter 7 bankruptcy because this process requires you to forfeit certain property over to the bankruptcy estate for liquidation purposes. With Chapter 13, you never need to forfeit your property because Chapter 13 proceedings involve you making three to five years of regular monthly payments, which are a part of your debt reorganization plan. Once you complete these payments, all debt covered by the process will be dissolved.