Chapter 7 Bankruptcy Exemptions To Be Aware Of

When you file for Chapter 7 you should become aware of the exemptions that are built into this type of bankruptcy.

Depending on the state where you file different types of property will be eligible for you to keep. Every state, however, gives you the right to keep a part of your interest in your car and home if they are included in the bankruptcy estate. In addition you may be able to hold on to family heirlooms, other personal property and retirement funds.

In order to file for Chapter 7 bankruptcy you must be eligible based on the residency requirements of that state. You usually need to have been a resident of that state for at least two years before filing for bankruptcy; or you need to show that if you were not a resident but spent a majority of the 180 day period before the two year period in that state.

Thinking about consumer bankruptcy?  If so, you should speak with a Chicago bankruptcy lawyer before officially filing in a court.  Contact us to set up your consultation.