Chapter 7 Bankruptcy: What Can You Keep?
If you're considering filing for Chapter 7 bankruptcy, you may be wondering what assets you'll be able to keep. The good news is that you can often keep most, if not all, of your assets when you file for Chapter 7 bankruptcy.
Under Chapter 7 bankruptcy, your nonexempt assets will be sold and the proceeds will be used to pay off your creditors. However, most people who file for Chapter 7 bankruptcy don't have any nonexempt assets.
This is because most people who file for Chapter 7 bankruptcy are able to exempt all of their assets. Exemptions vary from state to state, but they typically include things like your home, your car, and your personal belongings.
If you're worried about losing your assets in bankruptcy, talk to an experienced bankruptcy attorney.
The Law Offices of Omar Zambrano has helped thousands of the people and businesses in the past to get out of debt and start over.
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