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Chapter 13 bankruptcy exemptions could allow you to keep asset(s)

When debt gets out of control, it can be hard to know what to do next. Feeling like your back is up against the wall financially isn't a desirable place to be. Figuring out next moves can feel limiting, as debt can impact other facets of your life. There is a way to get out from under the crippling debt and get your life back.Chapter 13 bankruptcy could be a great option for someone who is overwhelmed by debt. In Chapter 13 bankruptcy, a reorganization of a debtor's assets and the creation of a repayment plan to pay back creditors for debts is created to make debt more manageable. It's different from Chapter 7, but bankruptcy exemptions can still be enacted to protect specific assets from the reorganization process. Bankruptcy exemptions can include a variety of assets.

Assets like automobiles, family homes, household items and furniture; and even jewelry can be covered under a bankruptcy exemption. This can appease a person who is worried about losing every asset to their name when filing for bankruptcy. While many may need to be considered in order to achieve a favorable financial situation post-bankruptcy, it's possible to exclude one or a few, hence the name, exemptions. Chapter 13 bankruptcy can be tailored to you and your specific situation.

This is true of both financial situations and personal situations. Chapter 13 exemptions can make the process more approachable and less intimidating. Don't be afraid to take the next step. Move away from debt and get your life back on track.

Source: bank

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Mark T. Young & Associates
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