Bankruptcy is your bailout

Exemptions

Saturday, February 11th, 2012

Exemptions are those things that the federal and/or state government allows you to keep.  Every governing body understands that we need certain items to sustain ourselves and maintain a certain standard of living.  How exemptions vary is a bit complicated.  Some states allow debtors to choose from the federal exemptions (most of which are found in the United States Code and the United States Code Annotated) and the state’s exemptions.

Every bankruptcy filer is allowed to keep a certain amount of clothing, cash, jewelry and/or other household items. Many retirement accounts are exempt as is a certain amount of equity in homes and cars.

Posted in DC Exemptions, MD Exemptions, Uncategorized | No Comments »

Bankruptcy

Tuesday, January 4th, 2011

Chapter 7 – A Chapter 7 is the easiest way for a debtor to get a fresh start. Chapter 7 debtors are usually not facing foreclosure or are willing to surrender their property. They may have high credit debt or medical bills.

Chapter 13 – Is usually for debtors that want to protect their assets.  Usually the debtors are trying to prevent a foreclosure and/or just need time to restructure their financial life following a loss of job or other reduction in income.  A Chapter 13 is usually 3 – 5 years.

Posted in Chapter 13, Chapter 7, Uncategorized | Comments Off

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