property

Many people believe that they will lose everything they own if they file for bankruptcy. Not true. In fact, most people who file for bankruptcy do not lose anything they own at all. How can that be? Well, the secret lies in… Exemptions. Most consumers file for Chapter 7 (or “liquidation”) bankruptcy. In a Chapter […]

The main purposes of the bankruptcy laws are to: Give an honest debtor a “fresh start” by relieving the debtor of most debts, and Repay creditors in an orderly manner to the extent that the debtor has property available to do so. One of the primary ways that the bankruptcy law attains its goal of […]