Bankruptcy Exemptions

Nobody should have to live life in a constant struggle to keep from falling behind financially, and the bankruptcy laws are written to provide individuals who have had the misfortune of getting in over their heads in debt with a solution that does not involve sacrificing all your personal possessions.  At Tolin & Tolin, PLLC, we work diligently to insure our clients enjoy the full benefits that bankruptcy has to offer. You may be able to put an end to your money problems sooner than you think—call us today.

Some mistakenly believe that the property of anyone who files under Chapter 7 is subject to liquidation.  Many people continue to struggle under the burden of unmanageable debt as a result of this misconception, often losing their homes to foreclosure, believing that they have no other option.  It is true that part of the bankruptcy process involves a review of your assets to determine whether anything can be sold to satisfy your debts, but the majority of bankruptcies we file are “no-asset” cases, meaning that the client loses nothing but debt.

Exemptions in Chapter 7 Bankruptcy

We make use of the extensive list of exemptions which are provided by state and federal statutes.  We understand how these exemptions apply, and your bankruptcy attorney will apply them to the full extent possible to help you preserve your assets.  Chapter 7 offers you the opportunity of discharging your debt within a relatively short period of time and, with the use of exemptions; you should be able to avoid losing your house, your car, or your valued possessions.