What are the different types of property that are exempt under Chapter 7 bankruptcy?
Under Chapter 7 bankruptcy, some of a debtor’s assets may be liquidated in order to provide compensation to the individual’s creditors. However, many, if not most, types of property are typically considered to be exempt, or protected, from the liquidation process, including a debtor’s home, motor vehicle, necessary household appliances, professional tools, and many other goods. If you are considering Chapter 7 bankruptcy, an experienced attorney can help you review your situation and determine what exemptions you may qualify for.
If you would like to learn more about exempt and non-exempt property under Chapter 7 bankruptcy, contact the Houston bankruptcy attorneys at the Russell Van Beustring P.C., today at 713-973-6650.