Chapter 7 Bankruptcy: How Much Assets Can You Keep in Exemptions?
During filing for chapter 7 bankruptcy, the individual may be in debt and drowning in unpaid bills. The chapter 7 bankruptcy discharges you from most of the debt and sells your property to resolve the financial situation. After that, the government sells the properties to pay your creditors. As a result, you may get discouraged from filing the Chapter 7 bankruptcy.
You can get out of debt due to bankruptcy but losing all of your belongings can interrupt your daily lifestyle. For example, you may not be able to do your job functions if there is no equipment at all.
To avoid such a situation, you can do exemptions. If you are drowning in debt and want to get out of this situation and also protect some of your belongings, then contact an expert chapter 7 bankruptcy lawyer in Oklahoma quickly.
What Are Exemptions?
Bankruptcy helps you to get back on your feet. That’s why the courts don’t take your necessities so that you can start your life in a new way. But according to bankruptcy law, you can keep a specific amount of property by marking it exempt. The bankruptcy trustee cannot sell your property to the creditors in any condition.
What is an Exempt Property?
Costly musical instruments
Expensive sports equipment
Second house or vehicle
Your financial accounts like saving accounts, checking accounts, stocks, and bonds.
Family heirlooms
Your valuable collections such as antiques, stamps, jewelry, coins and baseball.
How Much Property Can You Keep Using Exemptions?
How much property you can protect completely depends upon in which state you live. Every state has its own set of exemptions, and you need to use the state exemptions to get the benefits. But there are also a few states which can let you use either the state exemption system or the federal exemption scheme.
In most states, you can keep your house and other personal properties including many retirement accounts, cars, and some wages. Normally, your house goods and clothes fall under exemptions unless they are extremely valuable.
Need Legal Help?
If you want to file for Chapter 7 bankruptcy to cope with all the mounting debt, then hiring a chapter 7 bankruptcy lawyer is extremely important. It is only the most reliable way to protect yourself and your property. The experts at Reneau Law Group will help you to determine how to protect your hard-earned assets in Oklahoma. Don’t let debt ruin your life at any cost.
**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.