People have a variety of bills that they are required to pay on a monthly basis. Paying these bills may be easy for some, but there are many people who have found themselves falling behind and struggling to make the payments in a timely manner. Should they fail to do so, they could find themselves drowning in debt, and looking for a way out. Chapter 7 may offer them a way out, and it is something many people choose, but they will want to consider what property is non-exempt before they file.
Those who have found themselves facing financial challenges and have filed for Chapter 7 have been able to get relief from their debt once the process comes to a close. When they first discover that this is an option, they may not be aware of the fact that with Chapter 7 there are things that may be non-exempt. What this means is that there is property that you may lose if you choose to file.
Although you may lose some property when you file, other property that you own prior to filing for bankruptcy is protected. This property is considered exempt, which means you can keep it and don’t have to be concerned about possibly losing it. Usually, this property will often include you home, car and anything else that is necessary for your survival.
Filing for bankruptcy has given many the debt relief they have been needing. There are a few cons that you will want to consider before filing, but at the end of the day, bankruptcy should help you gain financial stability and get out of debt. Should you have questions about Chapter 7 bankruptcy, an attorney from The Law Offices of Michael Cordero may be able to help.