Bankruptcy Exemptions | National Bankruptcy Forum
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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 Georgia: What You Need to Know

Georgia, the largest state east of the Mississippi river, is famous as the nation’s foremost producer of peaches, pecans and peanuts. It was one of our original colonies, and back in 1776 its population was 40,000 —compared to today’s population of 10,310,371, making it the eighth-most populous state in the nation. The Atlanta metropolitan area is the ninth-largest…

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Posted by: Joshua McCloud

Chapter 7 Bankruptcy in Delaware: What You Need to Know

Delaware calls itself the First State because it ratified the U.S. Constitution before any other state, in early December 1787. In the last century, it has also become first in the minds of many entrepreneurs when deciding where to incorporate their businesses. Today, Delaware is home to more corporations, limited liability companies, and business partnerships…

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Chapter 7 Bankruptcy in Connecticut: What You Need to Know

Connecticut is one of the original states that was pivotal to the American Revolution and forming of our federal government. Although it’s technically the southernmost state in New England, several of its cities are considered part of the bustling New York-New Jersey metropolitan area. Generally a well-to-do state, Connecticut had the highest per-capita personal income…

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Chapter 7 Bankruptcy in Arkansas: What You Need to Know

Arkansas is nicknamed the Natural State, and a drive through it makes it easy to see why. The state is home to the southern edge of the Ozark Mountains, the thermal waters of Hot Springs, the aptly named Arkansas River, 52 state parks, and seven national park sites. Arkansas also is home to nearly 3…

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Chapter 7 Bankruptcy in Alabama: What You Need to Know

Last updated Nov. 7, 2017. Aside from football, Alabama might best be known for its rich agricultural history, the birth of Booker T. Washington’s “Atlanta compromise” in the civil rights movement, and being a big employer for colleges and the military. The Heart of Dixie grew its economy after World War II to diversify its interests…

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Chapter 7 Bankruptcy in Colorado: What You Need to Know

Last updated Nov. 6, 2017. Colorado is a gorgeous state. If you’re the outdoorsy type, you’ll feel right at home here among the Rocky Mountains, the desert, and river canyons. If you love a robust downtown, you’ve got Denver, which has consistently ranked as one of the top places to live in America. However, while Colorado…

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