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Some of your property may be exempt from bankruptcy

Many Tennesseans fear bankruptcy because they think that it means they will lose all of their belongings-their house, their car, their clothes. But that fear is unfounded. Filing for bankruptcy, whether under Chapter 7 or 13, does not mean a person will lose all of their belongings because certain rules and exemptions allow filers to keep some of their assets.

But while each version of bankruptcy allows a filer to keep some of their assets, those versions differ as to which assets a filer will keep. Because of that, it can be important to speak with an experienced bankruptcy attorney about which type of bankruptcy to pursue.

Under Chapter 7, a person can keep their assets up to a specific dollar amount. For many people, this exemption means they can keep all of their assets. For others, decisions will need to be made about what to keep and what to sell.

Under Chapter 13, by contrast, a person does not receive a monetary-based exemption. Instead, they receive a different set of exemptions. These include the opportunity to include their back payments for assets like their house or car into their repayment plan. This option gives the person a chance to keep their house despite being behind on the mortgage or on the path to foreclosure.

Because bankruptcy law offers several options to suit different needs depending on a Tennessean's circumstances, it is important to do one's homework before picking a bankruptcy plan. To learn more about the available options, check out our website. One click could be the first step toward a fresh financial future.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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