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The following article was published in our article directory on December 2, 2009.
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Exemptions in Bankruptcy Chapter 7

Article Category: Finances

If debts are mounting on you and you cannot pay them off, filing for bankruptcy may be your only option. There are many people who opts for Chapter 7 Bankruptcy. In this chapter, all your non-exempted assets will be sold or liquidated which should gives you a way to pay off all your debts. As this is a supervised procedure, the court will appoint a a person known as a trustee to sell all the non-exempt assets of the defaulter and distributes between the creditors. Chapter 7 Exemptions are items that you get to keep when the bankruptcy is filed. Chapter 7 bankruptcy is usually favored by debtors but not the creditors and with with the exemptions in place, a debtor can effectively reduce your personal damage and keep some personal belongings.

In this exemption the debtor will review the state exemption list given to the debtor and learn which property to keep. This list is found in the Federal Bankruptcy Code. The debtor's property will be separated as exempt or non-exempt once the trustee files a property exemption report. In some states, the exemption laws can be different but the basic structure of the law should be the same.

Secured debts are first paid off but if the debt is unsecured, it is possible that the creditors of unsecured debts receive partial or no payment. The trustee is authorized to decide who gets the payment first, based on the law. To get bankruptcy chapter 7 exemptions, the debtor must file the case in the state where he/she resides for a period of 730 days before he/she can file for this type of bankruptcy. Alternatively, the defaulter may also file the case in a state where he/she has previously lived for more than 180 days, up to 2 years.

Federal exemptions may also be provided including retirement benefits, death disability benefits, survivor's benefits and miscellaneous. You should find out more about the Federal exemptions because not all the states are the same.

Yes, bankruptcy is not a good alternative and worst still, your credit score may take a major hit because of a filing of bankruptcy. Not only you will lose most of your possessions and you need start all over again in your life. Always consider other options before you look at bankruptcy.

Unfortunately, if you are in the dire situation, then it will help to learn more about bankruptcy Chapter 7 Exemptions as it can help you reduce your personal loss of assets and use the law to help you get back your life as soon as possible.

Keywords: Chapter 7 Exemptions

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