No one would want to be in dire debts, . If you fail to act quickly, you might end up compromising your future because your creditors your property to get back what you owe them. When this happens, your future financially will be at stake. If you are running bankrupt, talk to bankruptcy Lawyers Fort Wayne IN to help you file for bankruptcy exceptions.
By filing bankruptcy exceptions under chapter 7 or chapter 13, creditors cannot possess or sell your exempted property or assets. Some exemptions protect the whole value of the property protected while, in another, you might lose a portion of the property. In any case, one should find a good lawyer who will help them get as many exemptions as possible.
Chapter 13 bankruptcy exemptions
Chapter 13 is also known as the re-organization chapter. In this chapter, the debtor is allowed to keep his property and come up with a plan to repay his creditors. Any property exempted in this chapter is however not included in paying of the creditors. The non-exempted assets are the one used in paying off the debt. When only a small portion of one’s assets are not exempted, it means that you only have to pay the creditors a small amount on a monthly basis. Click here for more details.
Chapter 7 bankruptcy exemptions
In chapter seven, a bankruptcy trustee can take the assets in the debtor’s bankruptcy estate and sell them to pay off all the creditors. A consumer estate usually has property and assets that the said consumer owes. However, if the consumer manages to exempt any property or assets on the estate, it is no longer part of the estate and therefore cannot be sold to pay any debts. A chapter 7 bankruptcy allows the consumer to keep part of his property so that he can have something to start off with once his other property is sold off to pay his debts. How much one is able to retain in this chapter is dependent on the quantity and value of his assets and exemptions that he managed to get.
Get the best bankruptcy Lawyers Fort Wayne IN from Ripke Law PC if you want to file for chapter 7 and chapter 13 bankruptcy exemptions. For more information, visit .
