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What kind of assets can bankruptcy exemptions protect?

When personal finances get out of control, many wonder how they will ever get their finances back on track? While it can seem like an endless uphill battle, there is a way for those struggling under the weight of debts to find relief. One way of doing this is to file for bankruptcy. Bankruptcy tends to have a negative stigma associated with it, but it can really be the best option for those in a bad financial situation.

Not only can bankruptcy give those suffering under debts a fresh start, it can also help to protect specific assets that one wishes to keep in the wake of their financial crisis. Oftentimes, when debt is a real issue, creditors beckon and one may worry about the security of their home or other significant asset. If a person has an asset that they would like to hang on-to while they pay off their debt, they should consider the benefits that bankruptcy exemptions would allot to them. Bankruptcy exemptions allow debtors to keep certain assets under their control and keep them safe from creditors.

A family is home is often a priority for those who are in a tough financial situation. A bankruptcy exception could allow a person the piece of mind that the home is theirs to keep. Every situation with personal finances and bankruptcy is different, but that's why bankruptcy can be a great option for many. It's flexibility to mold to personal situations is what makes it an attractive option, it's essentially a means in which to get finances under control, in whatever way makes sense of you and your family.

Certain personal property and even automobile exemptions may drive other debtors to see bankruptcy as an option. Bankruptcy exemptions could cover and protect those items as well. If your asset does not fall into these categories, good news, as there is a category for wildcard exemptions that allows for unusual bankruptcy exemption requests. There is only one way to find out if your asset would be covered by a bankruptcy exemption.

Source:, "Bankruptcy Exemptions:Chapter 7," Accessed September, 11, 2017

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Mark T. Young & Associates
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Hixson, TN 37343

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