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Bankruptcy exemptions: finding certain in an uncertain process

Most people facing bankruptcy feel a lot of anxiety. It is common to feel anxious, especially when it is the first time a person is filing for bankruptcy. The process is complex, and it can seem overwhelming. For the uninitiated, there are a lot of unknown factors, like what will happen to their assets. It can be difficult and challenging to deal with the unknown. Tennessee residents might find the following article on bankruptcy exemptions helpful.

One of the most common questions people have when filing for bankruptcy is what effect filing will have on their assets. This is a complex question and the answer depends on many different things. It depends on the type of bankruptcy a person is filing, the type of asset that is in question, and the state where the person resides. In any case, a bankruptcy attorney will be able to look at the specific case and answer these questions and more, making the process far less uncertain.

In every bankruptcy a trustee is assigned to look over a persons assets and income. The primary job of the trustee is to find and administer unprotected assets to repay creditors. While certain assets are available for repayment, there are state exemptions and federal exemptions that protect many assets. Furthermore, most creditors are not interested in repossessing personal property. Creditors are interested in the cash. It is different, however, if the debt is secured. In such cases, the creditors can repossess the property that secures the debt.

Understanding what property is exempt and what property is secured is important. It can provide a significant amount of security for the debtor. It can also make the difference between filing and not filing for bankruptcy for many individuals. To better understand these issues it is important to discuss the matter with a professional. Again, there are many factors to be considered, and every bankruptcy is different but the answers are out there.

Source: Fox Business, "Will Bankruptcy Creditors Take Away my TV?" Justin Harelik, Dec. 4, 2012

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

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