The legislature wants people to have a fresh start with a bankruptcy, but they also know that in order to do so one would need to retain some of their assets. People in bankruptcies are allowed to keep certain possessions out of a bankruptcy by way of using exemptions. There are exemptions available for equity in your vehicle, your homestead, household goods and furnishing and many other assets. Your assets can be sold to pay your debts.
It is probable in a Chapter 7 bankruptcy an individual can discharge all of their debts while retaining all of their assets. Each individual bankruptcy is unique.
Call the Bhend Law office to set up a free consultation to examine your particular situation.
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