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Bankruptcy Exemptions Archives

Can I keep my car in Chapter 7 bankruptcy?

Chapter 7 bankruptcy is one of the most popular choices for individuals and families who are facing overwhelming debts. However, not everyone can qualify for Chapter 7 bankruptcy. In order to be eligible, you must be able to show that your current income and assets, when measured against your expenses, are not sufficient to realistically pay off your debts without assistance.

How can I maximize bankruptcy exemptions in Washington?

Going through a bankruptcy can put a lot of strain on the entire family. In addition to facing significant debts and needing to change your lifestyle, going through extreme changes such as the loss of home, cars and clothes can feel like too much to bear for many families.

Can bankruptcy help me to pay missed child support?

When you fail to pay your child support obligations over a prolonged period of time, the accumulated debt that this presents can feel overwhelming. This is often why many parents stop making an effort to repay the owed child support. However, giving up in this way can lead to serious legal consequences.

How bankruptcy affects child support and alimony

If you are considering going through bankruptcy after a divorce or separation, you will need to consider the expenses that you are subject to as a result of that divorce or separation. For example, you may feel that you are struggling financially as a result of child support and alimony obligations, and you may wonder if you will become exempt to these obligations after filing for bankruptcy.

Will my car be exempt if I file for bankruptcy?

If you are struggling with crippling debts, it is likely that you will be evaluating your possible options for getting relief. One of the most obvious options when dealing with debt is to file for bankruptcy. The nature of a bankruptcy filing depends on the bankruptcy chapter that you file for.

Understanding the federal laws on bankruptcy exemptions

If you are considering filing for bankruptcy in the state of Washington, you may be concerned about having to face a decrease in quality of life and losing the assets that have sentimental value. While the process of bankruptcy is something that takes determination and sacrifice, it usually helps people far more than it hinders them.

Benefitting from bankruptcy exemptions in Washington state

Dealing with debts can lead to a great deal of stress in your day-to-day life. You may wonder how you will ever get through your financial hardships because you cannot see any viable option in regard to paying off your debts. If you feel like you are in a hopeless situation in relation to your accumulated debts, you might want to consider the ways that filing for bankruptcy could benefit you.

What property is not exempt in a Chapter 7 bankruptcy?

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.

What Chapter 13 bankruptcy exemptions can I receive?

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.

Bankruptcy exemptions: Can I keep my family jewels?

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.

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