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How do debtors take advantage of bankruptcy exemptions?

When people file for bankruptcy they are often worried about their personal property. This property is often extremely important for a person if the person is going to start over. The bankruptcy won't be any help, if people are left with nothing or have to purchase essentials again after the process.

Therefore, bankruptcy exemptions have been enacted. These exemptions allow people to keep some personal property out of the bankruptcy estate. For the average debtor, bankruptcy exemptions will allow people to keep all of their person property -- when they have been properly claimed.

If you are considering bankruptcy then you may have questions about exemptions including -- how does a person claim exemptions?

According to the United States Bankruptcy Courts when people file for bankruptcy they will file a schedule containing a list of their exempt property. At this time, under the bankruptcy code, people will be allowed to decide if they want to take advantage of their state's exemptions or federal exemptions. Tennessee exemptions might be better for some debtors, and federal exemptions for others. It will depend on a person's specific financial situation. Then, depending on the exemptions available, people can list the property that they believe should not become part of the bankruptcy estate.

Filing for bankruptcy, as you can see, is not always an easy process. While this blog post should only be used as general information, a Tennessee bankruptcy attorney can help to give specific legal advice to people considering bankruptcy. They can help people determine which set of exemptions will be best in their situation and how to best take advantage of them.

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

Toll Free: 888-376-0282
Phone: 423-933-1606
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