Glen Burnie Bankruptcy Exemptions
Chapter 7 Asset Exemptions
Bankruptcy can be a useful legal remedy for a person that can no longer pay their bills. In a Chapter 7 bankruptcy, all of a person's non-exempt assets will be liquidated to pay creditors. After the money has been distributed, any remaining debts will be discharged and you will no longer be legally responsible for paying them. Asset exemptions in a Chapter 7 bankruptcy could include many different types of property such as:
- Your home
- Wages
- Child support
- Spousal support
- Cars
- Appliances
- Clothing
- Heirlooms
- Disability benefits
- Pensions
If you are overwhelmed by debts and considering bankruptcy, a Glen Burnie bankruptcy attorney can establish your qualifications for Chapter 7, and develop a complete list of your exempt assets. Knowing which assets you will be allowed to keep can often help a person decide if bankruptcy is their best debt relief option. Ward Pratz & Associates, P.A. is a bankruptcy firm with many years of experience helping clients resolve their financial difficulties. We can assess your qualifications for bankruptcy, and discuss many other debt relief options. Our firm can also analyze your finances and indentify which of your assets will qualify for exemption.
Bankruptcy Attorney Serving Anne Arundel County
People get into financial trouble for many different reasons, including a divorce, an unanticipated and costly medical situation and the loss of a job. If you have been borrowing money from family and friends to pay your bills, are paying for basic living expenses using credit cards, your home is in danger of foreclosure or you are facing repossession, filing for bankruptcy can give you a fresh start. Our attorneys can assist you with the bankruptcy process, and provide the legal support your need to lead a debt-free life.
Contact a Glen Burnie bankruptcy attorney for dedicated legal representation if you are plagued by too many debts.