Local Law Firms Home > Bankruptcy Overview > Chapter 7 > Exempt Property: Tools of the Trade It may seem strange to think that the tools of a trade may be subject to any type of collection after filing for a Chapter 7 bankruptcy, but many of these items can be expensive and it’s a justifiable concern. Tools of the trade is quite a vague term, but is often used to refer as items or other tools that make it necessary for someone to complete their job. If you’re filing for bankruptcy, the last thing you want to be faced with is the possibility of any of these items being somehow repossessed, making it even more difficult to get out debt and to make the money you need. However, take comfort in knowing that tools of the trade are exempt property and therefore, these risks and possibilities do not apply.
Each case of Chapter 7 bankruptcy is different, and you should speak with your bankruptcy law lawyer concerning the details of your Chapter 7 bankruptcy case. The entire area is extremely complicated, unpredictable and sensitive, and this summary of necessity leaves out a large deal of specifics. The amounts used are those, which laws took effect on July 1, 2010, and they are subject to sporadic increases to take inflation into account. The next increase is anticipated to occur on July 1, 2012. Do you have legal questions regarding Chapter 7 bankruptcy and exempt property, such as tools of the trade? 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? |