Most of the time, exemptions allow you to protect all of your assets. Bankruptcy exemptions enable a client to protect property they own while exercising their right to debt relief in a Chapter 7 or Chapter 13 case. In Chapter 7, over 95 percent of filers use exemptions to keep/protect everything they own. In Chapter…
Frequently, during free initial bankruptcy consultations, I spend the majority of my time talking about a potential client’s options outside of bankruptcy. The key step, whether a bankruptcy filing is appropriate or not, is spending time to create a budget. After you have accurate budget information, I recommend asking yourself whether you would be able…
Yes, so long as certain requirements are met. An Asheville NC bankruptcy lawyer can guide you through the steps necessary to remove the lien and make the most of the relief offered through the Court. Under 11 U.S.C. 522(f) of the bankruptcy code, a lien can be removed to the extent it impairs an exemption…
Property that you can keep and protect from your creditors when you file Chapter 7 bankruptcy is called “exempt” property. The basic purpose of bankruptcy is to allow a person who is overwhelmed with debt to free himself of that burden. The law allows you to keep property to help you achieve a fresh start.…