There are specific provisions for bankruptcy exemptions in both state and federal laws. You don’t lose everything even if you go bankrupt. When a person files a petition under chapter 7, all his/her assets are liquidated except for the ones that are legally exempted, such as home, car, household goods, retirement savings, jewelries and many other such things up to certain limit. However, in order to make the best use of these exemptions, you must know how to calculate the value of properties the right way.
Filing Chapter 11 Bankruptcy – How To Get Prepared?
July 17, 2010 By
Chapter 11 bankruptcy can be the best option for those who are willing to make the repayment for their debts that they owe to different creditors while staying back in their business provided the terms are made a little more favorable. As compared to chapter 7, chapter 11 sounds to be a more difficult choice because you still owe your debts.