If you have an “asset” Chapter 7 case, some or all of your debts are partially paid, with most or all of the remaining amounts written off.
If your home is at risk because you have more equity than the amount of the homestead exemption, Chapter 7 might still save your home.
Bankruptcy law sets a maximum dollar amount of protection for your recently-bought home, but this really applies to only a few states.
Most pensions and other retirement funds are “exempt”–completely protected when you file bankruptcy. But there’s an exemption cap for IRAs.
The federal exemptions are nudging up about 3%. But that only matters if you are allowed to use them, and are higher than your state ones.
Every 3 years many of the dollar amounts in the bankruptcy statutes are adjusted for inflation. Here’s a summary of the important changes.
We’re lingering in the Thanksgiving spirit by appreciating what Chapter 13 has to offer.
Chapter 7 has many important features deserving appreciation.
Most homeowners contemplating bankruptcy have their home equity protected by their homestead exemption. If not, consider Chapter 13.
Most of the time everything you own is exempt, meaning it’s protected in a Chapter 7 bankruptcy. If not, Chapter 13 can usually protect it.
Sometimes it’s obvious which of the two consumer bankruptcy solutions is right for you. But not always. You might be surprised.
Give both you, AND your assets, a fresh financial start.
Decisions that seem to make sense at the time can end up being against your best interest. Hereâs what to look out for.
The U.S. Constitution makes bankruptcy a federal procedure. So why is the amount of assets you can protect different in each state?
If you’ve decided to close down your business, or would if you could avoid its debts, or had a way to pay its taxes, consider bankruptcy.