For those facing the potential loss of a family home, it is likely all that there is on their minds. As a result, they should be familiar with as many of the legal options available to help them as possible and personal bankruptcy protection may be able to offer help in some circumstances and situations.
Bankruptcy exemptions are critical for struggling consumers considering Chapter 7 bankruptcy as an option to enjoy debt relief. Bankruptcy exemptions protect certain types and categories of property from the bankruptcy liquidation process while the Chapter 7 bankruptcy process overall allows the filing party to enjoy debt relief and a fresh financial start.
Whether you are in the middle of bankruptcy or trying to avoid it, saving money during the holiday season is crucial. With the sobering thought of bankruptcy on your mind, every penny suddenly counts. If you are not careful with your holiday spending habits, you may be stuck in a mountain of debt when the New Year rolls around.
There are different types of personal bankruptcy options available for individuals in different situations. It is helpful to understand Chapter 7 versus Chapter 13 bankruptcy options so the struggling consumer can select the best option for their situation and needs.
Chapter 13 bankruptcy is a type of personal bankruptcy protections that can help with a couple of different concerns a consumer facing overwhelming debt and financial struggles may need to address. Chapter 13 bankruptcy is a reorganization bankruptcy process for those who have a reliable source of income to repay debts according to a repayment plan worked out with the bankruptcy court.
The importance of Chapter 7 bankruptcy exemptions cannot be overstated for individuals filing for Chapter 7 bankruptcy protection. Chapter 7 bankruptcy is referred to as a liquidation bankruptcy option, however, some categories of property may be exempted from the process.