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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 Missouri: What You Need to Know

Missouri was pivotal for launching the settlement of the western United States. The Lewis and Clark expedition began near present day St. Louis, and Missouri was the eastern starting point for the Pony Express, the Oregon Trail, the California Trail, and for many years, the Santa Fe Trail. The 91-acre Jefferson National Expansion Memorial in…

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Posted by: Joshua McCloud

Chapter 7 Bankruptcy in Tennessee: What You Need to Know

Tennessee is world-famous among music lovers, and it isn’t hard to see why. Crossing the state along I-40, drivers can quickly access such musical landmarks as Graceland in Memphis, the Country Music Hall of Fame in Nashville, and Dollywood in the Great Smoky Mountains. Thanks in large part to the tourism driven by attractions such…

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Chapter 7 Bankruptcy in D.C.: What You Need to Know

Washington, D.C. dates back to 1791, when it was founded to be our nation’s capital. The District of Columbia is the location of all three branches of our government: the executive, the legislative, and the judicial. Here, Congress passes laws, the President develops policies, and the Supreme Court rules on cases that affect us all….

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Chapter 7 Bankruptcy in Maryland: What You Need to Know

One of the original 13 colonies, Maryland is a mid-Atlantic state blessed with a wide variety of landscapes that has earned it the nickname “America in Miniature.” Sand dunes, marshlands, gentle hills, pine groves, and waterways decorate this small state. Perhaps Maryland is best known for the Chesapeake Bay and delicious seafood, but it is…

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Chapter 7 Bankruptcy in Maine: What You Need to Know

Maine has some specific rules that govern bankruptcy, but before we get into that, let’s take a look at the state that lies the farthest north in New England. Maine is a state of dense forests, low mountains, beautiful waterways, and a rocky coast that is studded with lighthouses. Its charms include beaches, the heavily…

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Chapter 7 Bankruptcy in Louisiana: What You Need to Know

Before we discuss exemptions in bankruptcies filed in Louisiana, let’s take a look at this fascinating state. The Gulf of Mexico, the Mississippi River and Louisiana’s extensive bayous frame the backdrop to Louisiana’s unique melting pot that include Cajun and Creole cultures. We owe a debt to New Orleans for giving birth to jazz, and,…

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