Exemptions in Chapter 7 Bankruptcy

Chapter 7 Bankruptcy Exemptions Attorney in Kansas City, MO

Chapter 7 Bankruptcy Exemptions Attorney

Perhaps you are familiar with the notion of bankruptcy and the processes involved when someone goes bankrupt. Normally, when someone mentions bankruptcy, our minds go directly to images of repo men knocking on our doors to get our assets and thoughts of us losing everything we have fill us with dread and stress. However, this isn’t always the case and you won’t literally lose everything. If you are filing for Chapter 7 bankruptcy, learn about chapter 7 bankruptcy exemptions or the assets you can keep when faced with bankruptcy, along with the entire process, which an attorney can help you with. 

Kansas City Bankruptcy Exemptions Attorney to Handle Your Case

The attorney from Roach Bankruptcy Center, LLC practices bankruptcy law exclusively and seeks to represent debtors not creditors. The law firm’s attorney offers a speedy processing of your case, emergency filings that help you act quickly before losing your home, and considers your budget.  Are you seeking to file for chapter 7 bankruptcy? If so, you need an experienced and dedicated attorney by your side. Get in touch with Roach Bankruptcy Center, LLC to work with a lawyer that will represent you and handle your case. With over 15 years of legal experience in bankruptcy-related fields such as wage garnishment, repossessions,  creditor harassment, foreclosures, and more, the firm is surely equipped to handle your case.

Why do I need a Chapter 7 Bankruptcy Exemption Attorney in Kansas City, MO?

Chapter 7 bankruptcy exemptions

Chapter 7 bankruptcy is the most typical kind of bankruptcy filed by most individuals since there are minor requirements, one being that your income should not be higher than the state median. However, filing for Chapter 7 bankruptcy calls for individuals to sell their property to pay off creditors. Note that not all property has to go and the property you get to keep is called exemption. 

Of course, no one is advised to go through the bankruptcy journey alone. One would need a lawyer to represent them in their chapter 7 bankruptcy exemption case. A lawyer can explain the legal process and fight for them in court. Roach Bankruptcy Center, LLC, attorney represents debtors, not the creditors and ensures you get the best possible outcome in your chapter 7 bankruptcy exemption case.

When faced with a chapter 7 bankruptcy case, the attorney from the law firm speaks to you directly, offering fast case processing so you won’t have to shell out more money to get the case moving forward. An attorney can help you with filing and qualifying for chapter 7 bankruptcy

With over 15 years of experience, Roach Bankruptcy Center, LLC is equipped with the knowledge and skills to help you rise above your financial challenges. If you’re dealing with chapter 7 bankruptcy exemptions in Kansas City, MO, get in touch with a trusted bankruptcy attorney now. 

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What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is defined as a kind of bankruptcy that does not have a repayment plan, unlike chapter 13 bankruptcy. Since the requirements aren’t much, many often file this type, usually just having income below the state median. 

Chapter 7 bankruptcy utilizes the services of a trustee who gathers the debtor’s non-exempt property, which will be sold. The money earned from these will be used to pay off outstanding debts. 

Some properties, however, can be categorized as nonexempt. Most people file for chapter 7 bankruptcy since it is quick and can easily eliminate debt. Here are other things to keep in mind about chapter 7 bankruptcy exemptions:

What are the Types of Bankruptcy Exemptions?

Chapter 7 bankruptyc’s other name is liquidation bankruptcy since it gathers the assets of the filer, sells them off to make an income and uses the income to pay off debt before the rest of it is discharged. Bankruptcy law protects certain properties from being sold to pay off debts. Properties protected by law are called exemptions.

Below are some of the common types of chapter 7 bankruptcy exemptions: 

Homestead Exemptions

Chapter 7 bankruptcy filers are largely concerned about their home which is why many wish to avoid foreclosure. Homestead exemptions exist to protect the debtor’s home. There are limits, however such as the federal homestead exemption which sets the limit to $20,000. 

Vehicle Exemptions

Cars and other vehicles can be protected from Chapter 7 creditors with a cap placed on the amount of the vehicle that is covered by protection. Laws regarding this vary depending on the state you’re in. 

Personal Property Exemptions

Exemptions for personal property exist and most of the time they are exempted from being part of the bankruptcy estate. Examples of personal property include jewelry, appliances, collections, and more. 

What Are Exemptions in Chapter 7 Bankruptcy?

When one files for a Chapter 7 Bankruptcy, a bankruptcy trustee is appointed by the court to handle the selling of nonexempt assets or properties not protected by a bankruptcy exemption. The money earned from nonexempt assets will be used to pay your creditors. Some assets can still be kept, however. Bankruptcy exemptions exist to give you a fresh start after the bankruptcy. Once you’ve protected an asset with exemption, the trustee cannot sell it. There are certain criteria that your property must meet to qualify as an exemption. 

Federal and state laws enable individuals to keep certain equity in their homes such as cars and retirement accounts. According to Missouri law, you are eligible to file for chapter 7 bankruptcy if you have resided there for at least 180 days. Some exemptions according to state law include homes, vehicles, retirement and insurance benefits, and public benefits.

Call our Chapter 7 Bankruptcy Exemption Attorney Now!

Chapter 7 bankruptcy might be easy to file and seemingly accessible for many but there are also strict guidelines that one must abide by. That said, one shouldn’t view bankruptcy as the end of things but as a fresh start. Chapter 7 bankruptcy exemptions guarantee that you won’t lose all your property, just some that need to be sold in order to pay your creditors and get a brand new lease on life. 

When facing chapter 7 bankruptcy, chapter 13 bankruptcy, wage garnishment, and any other concerns regarding bankruptcy, know that it is best to get in touch with a chapter 7 bankruptcy attorney. 

Contact Roach Bankruptcy Center, LLC to work with an attorney and sort your case out immediately. 

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