Understanding Chapter 7 Bankruptcy Exemptions

If you qualify for Chapter 7 bankruptcy, You may be wondering if you’ll lose everything in the process. The good news is that some property is exempt from bankruptcy proceedings. There are two lists of possible exemptions: one state, one federal.

Most states allow debtors to utilize only state exemptions, but a few states allow the debtor to choose between federal or state exemptions. An attorney may be able to assist you in determining what property your state exempts.

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