It is probably the most common type of bankruptcy filed in the United States to save one from piling up debt. A Tampa bankruptcy attorney explains that the idea is pretty simple; if one has a lot of payments pending to be paid to the creditors and the person remains in a terrible situation of not being able to pay then the only way out is to file for the chapter 7 bankruptcies and give oneself a new and fresh start in the financial aspect. Also read about, 5 Things You Should Know before Filing Divorce in Tampa What Are Bankruptcy Exemptions?
Some debts are not secured due to the absence of collateral on such debts. All the debts that are discharged while filing the chapter 7 bankruptcy will be the unsecured debt. Unsecured debts could comprise a person’s medical bills or credit card debt. People are often scared of losing out their assets while filing for bankruptcy. But it’s not the case with chapter 7 bankruptcy most of the time. Some specific exemptions will secure your asset and save them from getting liquidated. The exemptions are mostly based on a certain amount and mostly they can cover your entire asset’s value. Common Chapter 7 Exemptions Let us understand some of the exemptions in the chapter 7 bankruptcy
Can I Keep My Tax Refunds? They are not exempted and could easily be added to your bankruptcy estate. Though there is some possibilities like-
Keeping Your Home and Car One will have to keep paying the payments if they wish to keep their car and home. Chapter 7 bankruptcy helps a lot in helping you save your assets. We at Galewski Law Group have a team of the best bankruptcy lawyer in Tampa who are always available to bail you out from any such situation. Also read about, Is Your Divorce Case a Candidate For Permanent Alimony?
1 Comment
6/20/2023 02:48:39 am
Thanks for the heads up that you could use bankruptcy to pay for your outstanding debts through asset liquidation. My colleague mentioned that his uncle has been struggling with his debt after losing his job. I should recommend that they consult a bankruptcy lawyer for this in the future.
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