While Chapter 7 involves liquidating non-exempt assets, debtors can keep certain exempt assets which vary by state. These exemptions ensure that debtors can maintain a basic standard of living post-bankruptcy. Plus, unlike Chapter 13 bankruptcy which requires a repayment plan, Chapter 7 does not i...
a bankruptcy trustee liquidates (or sells) assets nonexempt assets. There are instances of Chapter 7 bankruptcies without liquidations, however. Despite this, there’s still a possibility of loss if you don’t properly review the limitations of the bankruptcy exemptions prior to filing for a ...
Chapter 7 debtors basically say “I cannot pay my debts, so take all my nonexempt assets to pay my debts.” As outlined below, most people do not have non-exempt assets. Chapter 13 debtors basically say “I can pay my debts, but I cannot pay them all at once, so I need a payment...
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There are a handful of differences between Chapter 13 andChapter 7 bankruptcy, related to eligibility, debt type, exemptions and length. Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy Advantages of a Chapter 13 Bankruptcy Filing Chapter 13 allows debtors an advantage that Chapter 7 bankruptcy does ...
There are some personal exemptions when you file for bankruptcy, so you could keep things like your home, car, or retirement accounts in either Chapter 7 or Chapter 13 filings. Bankruptcy exemptions vary by state and the value of your assets. I always suggest speaking with a licensed attorney...
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It also depends on what kinds of property you own and on which types of exemptions you would qualify for under Chapter 7 or 13. In general, those who want to protect a home or vehicle but are behind in the payments would do better to opt for Chapter 13, while those without such ...
This is because both Ohio and Kentucky allow people filing Chapter 7 or Chapter 13 to claim a large number of exemptions. Property that is classified as exempt cannot be taken by creditors.A few of the exemptions that may be utilized include:...