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...
Some people earn too much money and have too little debt to qualify for a Chapter 7 bankruptcy. Other people have more equity in their homes than the exemption laws would allow them to keep if they filed under Chapter 7. Additionally, some people have debts (like child support) that cannot...
Kentucky Bankruptcy Exemptions: Can I keep my house? Once you decide to file bankruptcy in Kentucky, one of your most important decisions will be whether to use the federal exemptions that are part of the U.S. Bankruptcy Code or the Kentucky exemptions primarily found in KRS Chapter 427. You...
Red Rover, Red Rover, Please Let Me Keep Rover: Pet Exemptions in Chapter 7 Bankruptcy ProceedingsChestney, SamanthaWashington University Journal of Law & Policy
The article examines whether the remedial nature of the Bankruptcy Code is threatened to be overshadowed by narrow interpretations of the tax exemptions under Chapter 11 bankruptcy protection in the U.S. in 2003. Several sample court cases on the issue are discussed, as well as the issues' ...