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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 Kentucky: What You Need to Know

Last updated Sept. 15, 2017. Just south of the Mason-Dixon line, Kentucky is famous for the venerable Kentucky Derby thoroughbred horse race, which began in 1875. Far more than a horse race, the Kentucky Derby is a see and be-seen social event that is always held at Churchill Downs in Louisville the first Saturday in…

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Chapter 7 Bankruptcy in Kansas: What You Need to Know

Located in the country’s Great Plains heartland, Kansas is a state rich in history. The land that eventually was to become Kansas was part of the Louisiana Purchase in 1803, but it took almost 60 years for Kansas to achieve statehood, just a few months before the outbreak of the Civil War. Most people think…

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Posted by: Joshua McCloud

Chapter 7 Bankruptcy in Iowa: What You Need to Know

Known most across the nation for the Iowa caucuses that launch the presidential nominating process every four years, the world-renowned Iowa State Fair, and being the future birthplace of Captain James T. Kirk, Iowa’s robust economy often comes as a surprise to people. Unsurprisingly, Iowa is number one in the nation in producing eggs, corn,…

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Chapter 7 Bankruptcy in Indiana: What You Need to Know

If you don’t live in or near Indiana, you may only have a vague picture of a state with miles of farmland that hosts the annual Indianapolis 500 auto race. In fact, Indiana is filled with attractions and boasts diverse industries. A discussion of Indiana’s charms would not be complete without a mention of Brown…

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Chapter 7 Bankruptcy in Idaho: What You Need to Know

Idaho is a dreamland for those who love the outdoors. It offers the most whitewater river miles in the lower 48 states, and more than 21 million miles of forest and public lands. It’s a destination for those who enjoy skiing in well-known resorts such as Sun Valley. However, Idaho ranks only 47th in the United…

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Chapter 7 Bankruptcy in Hawaii: What You Need to Know

Hawaii is famous for being a tropical paradise. The only state in the United States made up entirely of islands, Hawaii is home to lush green rainforests, scenic beaches, and active volcanoes that attract tourists from the continental U.S. and around the world. However, not all is as sunny in the Aloha State as its…

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