In the extremely difficult economic times the country and people are suffering through these days, many individuals find themselves struggling to keep up with their bills. Back when jobs were plentiful and money and credit were readily available, many Americans simply got in well over their heads. Others have numerous medical bills, or are struggling with a costly and ruinous divorce. Whatever the reason for the inability to handle the financial burdens may be, filing for Federal bankruptcy is often the only practical option. Many people around the country fear the consequences of such an action, but bankruptcy attorneys are available to help protect the individual's personal property.
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When a person files for a Chapter 7 or Chapter 13 bankruptcy, different circumstances apply. With the Chapter 7 form of filing, an approved debtor's entire debts are wiped out. In a Chapter 13 form of bankruptcy, the debtor's bills are simply restructured and the interest is canceled, so that the underwater debtor can pay off his or her bills over a several year period, utilizing a manageable monthly payment plan.
In either filing, numerous Americans considering the options shy away from them out of fear. They worry that they will lose their home, cars, and personal effects in the bankruptcy process. Many of these items can in fact be protected by a bankruptcy attorney, and different states have various exemptions on what can be seized in the process.
In some states, such bankruptcy attorneys can work with state law to even protect the individual's personal property equity. Such equity is the amount which remains after the value of the property has had the claims lodged against it subtracted. According to certain state's own laws, a person can have as much as $7,500 in home equity per person, for a maximum total of $15,000 per family, protected from the creditors.
Where cars are concerned, the law protects $1,200 in value for one vehicle for an individual, or $2,400 for a couple's vehicle, so long as both people are listed on the car's title. Pertaining to personal clothing, effects, and heirlooms, one hundred percent of these are safeguarded by state law.
Other states have different state bankruptcy laws and exemptions, which prove to be less generous to the debtors. Starting with vehicles, certain state laws protects as much as $1,000 in value for a single individual, or $2,000 for a couple filing together, so long as both spouses are listed on the car title. Regarding household furniture, the state provides exemptions for $1,000 in furniture, which includes everything from the person's couch to his or her kitchen table.
When the person or family find that they are in over their heads, such a bankruptcy filing may be the only viable choice. The important thing to remember in this circumstance is not to be afraid. By contacting a good bankruptcy lawyer in whatever state the person or couple resides, they are able to understand the law, and have a powerful advocate working on their behalf.
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