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What properties are exempt in Chapter 7 bankruptcy?

If you are struggling with debt, you may have considered filing for bankruptcy, but after hearing that you would have to sell some of your assets, you might be hesitant. However, you should know that there is more to Chapter 7 bankruptcy than courts taking away all your most precious possessions and selling them to the highest bidder. Some properties are exempt.

 

As you can probably guess, exempt properties are not sold in a Chapter 7 bankruptcy. These exempt properties are considered necessities of modern life, but you may be surprised at just how far that definition extends, especially in Texas. More than just clothing, you can often also keep a car, household appliances, a boat, pensions and even instruments if they are part of your profession.

Of course, some properties are not exempted, and unfortunately, some of these assets may be difficult to part with. Things such as family heirlooms or collections that may hold sentimental value to you, but are not technically significant to your livelihood, may be taken to be sold. Additional cars and homes are often included in this as well.

It is true: Chapter 7 bankruptcy will likely require some sacrifices, but when it is all over, it could completely discharge many of your debts, allowing you to get a fresh financial start. If you are considering Chapter 7 bankruptcy and you would like to learn more about exempt property, consider consulting a bankruptcy attorney.

 

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