chapter 7 bankruptcy
We like to call it "fresh start bankruptcy," but some refer to it by a much more intimidating term,"liquidation bankruptcy." Consumers see or hear that term and oftentimes are scared away, believing that they will lose all of their property if they file for bankruptcy. This is not true. Most people considering bankruptcy have already liquidated extra property to pay household bills. This may have been avoided had they spoken to a bankruptcy attorney before taking such a drastic step. In many instances consumers liquidate property that could have been protected through a bankruptcy filing.
The purpose of bankruptcy isn't just strip consumers of all of their assets. Consumers are looking for bankruptcy"protection." They are trying to protect their assets, and the court is going to allow them to protect a reasonable amount of their assets, such as: their primary residence, vehicle, personal effects, jewelry, household goods, retirement, etc. Consumers protect these assets by using the exemptions allowed by the bankruptcy court. Speaking with our bankruptcy attorney will provide you with more information about how to use these exemptions and how best to protect your assets.
You should speak to a bankruptcy attorney about your eligibility to file Chapter 7 bankruptcy. The only way to really determine your eligibility is to speak with a bankruptcy attorney.
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