Chapter 7, otherwise known as "liquidation," is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships. Most chapter 7 cases are "no-asset" cases, which simply means that the property you have is exempt from the bankruptcy.| WEB DESIGN: SOLAR FLARE |
Chapter 7 Bankruptcy Introduction
"Exempt property" is property that a debtor is allowed to keep. What property is exempt is determined by state law. In certain states you are required to use the exemptions under your state's laws. In fifteen states and the District of Columbia, you can chose the exemptions that work the best for you - either the federal exemptions or your state's exemption. It is always best to check with an attorney in your state to see what exemptions apply to your individual case. |
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