posted by Divina Westerfield on Oct 14
Bankruptcy Exemption for All States
In preparing for bankruptcy, the first question most consumers ask their bankruptcy attorney is “what am I going to lose?” Frankly, in most cases by the time you are ready to prepare your bankruptcy case and file it, most people have little to lose – they’ve already maxed out equity in their homes (or they are upside down after the recent real estate debacle), they’ve maxed out their credit cards, and they’ve sold their personal possessions on Ebay or garage sales to pay for food or a utility bill. Your financial life can get pretty unattractive in the days, weeks and months before bankruptcy. We URGE you to find out what you can SAVE by filing bankruptcy before all your real estate and personal property are gone.
Surprisingly to most people, the Federal bankruptcy law wants you to have some items so you are not totally destitute so filing bankruptcy does not necessarily mean you are going to lose everything. People filing for bankruptcy are allowed by statute what are called, “exemptions” or property you may keep if you file a Chapter 7 bankruptcy. We found a good site to determine bankruptcy exemptions is www.legalconsumer.com/bankruptcy/laws where a clear discussion is provided for each state, as your state’s law determines the amount and kind of your exemptions.
When you review your exemptions, think of your possessions in the worst like, i.e. their least amount of value. In other words, would you would get if you had to sell them today. So that favorite stereo equipment you bought 5 years ago when things were good, don’t think it’s kept up with technology; it’s now not worth anything near what you shelled out. Like driving off a parking lot in a new car, your stuff just isn’t worth what it use to be worth. If you have real property, you may want get your comparable properties from www.zillow.com , www.cyberhomes.com , and www.eppraisal.com , and find the average. We’ll be asking for these values as we prepare your bankruptcy.
When we prepare your bankruptcy we use your state’s exemption law so now you will know what to expect. Isn’t it easy to face something if you know what to expect?
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