Non-Exempt Property in Chapter 7 Bankruptcy

Everything You Wanted to Know About Non-Exempt Property Bankruptcy

Property which isn’t protected in bankruptcy is known as non-exempt property. This doesn’t mean that you will lose everything you own in life when you file for bankruptcy. The entire purpose of bankruptcy filing is to offer a fresh start to people who have had some financial troubles. As per your state’s exemption statutes, you can protect all property listed in it as well as things you will require to maintain a home, such as: Modest amount of equity in car Household fixtures and clothes Tools needed for your profession Your retirement account As per Los Angeles based [...]