When you file for bankruptcy, the prima facie focus is on the exemptions that you can get under Chapter 7 and Chapter 13. Hence, these play a very significant role in both Chapters.
- Chapter 7 – Under this Chapter, based on the exemption applicable, you get to keep or surrender your assets and property.
- Chapter 13 – However, under this Chapter, based on the exemption you get, you are liable to pay your unsecured debts to the creditors.
If you are looking to benefit from the exemptions and get a better chance at it, it is of utmost importance that you consult a professional who has knowledge in this field. If you are looking for such a Firm in Dallas, you can get in touch with experienced bankruptcy lawyers.