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Why is some property exempt from bankruptcy proceedings?

Going through bankruptcy can be stressful on a Tennessee family. After finding themselves in a dire financial situation, the members of the family may have to make the difficult decision to file for Chapter 7 or Chapter 13 bankruptcy. Starting the bankruptcy process can mean cutting back on spending, rearranging financial priorities, and even selling off items of owned property.

Giving up property can be hard but may be required based on the form of bankruptcy that a person chooses to use. If they are required to sell off items that they own they will want to explore just what exemptions may apply to their particular bankruptcy case. If a parcel or piece of property is exempt from bankruptcy it means that it may be kept by the owner and not included in their bankruptcy estate. In other words, an individual can keep exempted property rather than having to sell it off to repay debts.

Exemptions exist so that bankruptcy filers do not have to start their lives over with nothing when their bankruptcy proceedings are done. Some items of property, such as a place to live and a car to drive, are considered necessary for individuals to have in order to get by in the modern world. While a person may not need a collection of art or a vacation home, they likely will need clothing and cooking utensils so that they can continue to care for themselves throughout and after their bankruptcy.

A bankruptcy attorney can help their client identify and protect items of property that may be exempt from their legal proceedings. Personal bankruptcy can be difficult for individuals to manage on their own, and questions regarding bankruptcy exemptions and other legal matters should be discussed with knowledgeable attorneys who practice bankruptcy and debt relief law.

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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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