Local Law Firms Home > Bankruptcy Overview > Chapter 7 > Exempt Property: Necessities Liquidation under a Chapter 7 declaration is the most standard type of bankruptcy. Liquidation involves the appointment of a trustee who collects the non-exempt assets from the individual filing, sells it and distributes the money to the creditors that are owed payments. Because each state permits for debtors to keep necessary assets, most Chapter 7 filings are "no asset" cases, meaning that there are not sufficient non-exempt property to finance a distribution to creditors.
Clothing, household goods, and furnishings are all necessities that are a part of our everyday lives. These are things we often take for granted and we often do not consider the possibility of losing them one day. However, when faced with a Chapter 7 bankruptcy, these possibilities become more of a real concern as people begin to question which of their possessions are classified as either exempt and non-exempt property. Clothing, household goods and furnishings are often items of concern as well, especially the more expensive items. However, these are all items that are exempt property during a Chapter 7 bankruptcy. Do you have legal questions regarding Chapter 7 bankruptcy and exempt property, such as a pension? Our bankruptcy law attorneys are here to help answer all of your questions and inform you of your rights. Contact a bankruptcy lawyer in your area today for more information. Did you know? |