Bankruptcy Exemptions
One of the big concerns of consumers who are considering bankruptcy is that they will lose all of their property. In fact, the “I can’t file for bankruptcy because I will lose everything I own” myth is one of the biggest misconceptions out there about the bankruptcy process. Rather than automatically losing all of your property, the bankruptcy court compares your assets against the applicable exemptions for your state to determine whether there is anything to distribute to creditors. The majority of people who file for personal bankruptcy are able to utilize exemption laws to retain all of their property through the process. Exemption laws vary greatly by state, so it’s usually a good idea to meet with a local bankruptcy attorney to discuss how your property will be affected.
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Chapter 7 Bankruptcy in Oklahoma: What You Need to Know
Oklahoma’s median household income is below the national average, but that’s not necessarily bad news for Sooner State residents when it comes to debt relief options, such as bankruptcy. Lower costs in key areas balance out lower incomes. The median Oklahoma home sale price, as reported by RealtyTrac, is also a little lower than the…
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Chapter 7 Bankruptcy in North Dakota: What You Need to Know
The past decade has been good to North Dakota. During the Great Recession, while median incomes across the country were shrinking when adjusted for inflation, household incomes in North Dakota grew by more than 15%. In 2016, “legendary North Dakota” posted the 10th highest per capita personal income (PCPI) in the United States, at $54,267….
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Chapter 7 Bankruptcy in Mississippi: What You Need to Know
Pecans, cotton, catfish, sweet potatoes — all have a huge, if not “capital,” presence in Mississippi. The nickname “Old Man River” is reserved for the Mississippi River, the largest river in the United States and the nation’s chief waterway. The Magnolia State also is rich in history, with the Mississippi Delta considered the birthplace of…
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Chapter 7 Bankruptcy in Minnesota: What You Need to Know
Minnesota isn’t just home to people with a well-known accent. It’s also home to the country’s largest urban sculpture garden in Minneapolis, the largest regional playhouse in the U.S., and Minneapolis boasts more golfers per capita than any city in the country. Minnesota also has 90,000 miles of beautiful shoreline, which is more than our…
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Chapter 7 Bankruptcy in New Jersey: What You Need to Know
New Jersey is often described as one of the wealthiest states in the nation. In raw numbers, that’s true — New Jersey consistently posts median individual and household incomes well above the national median. Through 2018, New Jersey’s average household income was almost $80,000. Unfortunately, a high cost of living offsets higher income, and the…
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Chapter 7 Bankruptcy in Wisconsin: What You Need to Know
Traditionally hailed as the “Dairy Capital of the USA,” the heartland of Wisconsin is also the birthplace of famed architect Frank Lloyd Wright; the home of the world’s largest music festival, Milwaukee Summerfest; and a prime location for nature lovers with easy access to the Great Lakes. While the thriving milk, cheese, and yogurt industry…
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