Bad financial decisions may lead to economic problems. Filing for bankruptcy under Chapter 7 may provide you relief from your debt collectors. However, in the process you might end up losing some of your property. However, all is not lost as people who file for bankruptcy under chapter 7 are allowed to keep certain full exempt property. Exempt property is protected from creditor’s claims by the law. Some states like Colorado allow property to be exempt only under state law. Exempted property includes a portion of or the entire unpaid wages, household furniture, personal effects and home equity.
In case you have incurred medical or credit card bills or taken personal loans which you find yourself unable to repay, there is no need to worry. You can file for chapter 7 or “liquidation bankruptcy”, which is one of the simplest and quickest way to take care of such issues as per Los Angeles based law firm Recovery Law Group.
(more…)
Tag: chapter 7 bankruptcy
-
Know More About Chapter 7 Bankruptcy Exemptions