Chapter 7 Exemptions

Bankruptcy exemptions refer to assets that you may keep when you file for Chapter 7 bankruptcy. As a general rule, Chapter 7 or total liquidation bankruptcy will require that you surrender most of your cash and many of the possessions you own so these items can be sold.

→ Read More

Can I file Chapter 7 if I have no property or assets to turn over to the trustee?

Most Chapter 7 cases involve individual debtors who have no assets to satisfy any portion of their creditors’ claims. These are called “no-asset” cases. In these cases, the court will hold a discharge hearing, and if there are no objections to the discharge filed by creditors, the court will cancel (discharge) the debts covered in the petition. The debtor is then no longer responsible for those debts.

→ Read More

Can the state deny a license or permit because of bankruptcy?

The state generally cannot suspend a license because you filed for bankruptcy. It is illegal for a governmental unit to deny, revoke, suspend, or refused to renew a license, permit, charter, franchise, or other similar grant to someone solely by reason of his/her having been a debtor, having been insolvent prior to discharge, or having failed to pay a dischargeable debt.

→ Read More