What different types of bankruptcy chapters should I consider as a couple or individual?
Chapter 7 is known as a “straight” or “full” Bankruptcy. In a Chapter 7, your attorney files a petition asking the court to discharge your debts. The entire Chapter 7 process takes approximately four to six months. The basic idea in a Chapter 7 is to wipe out (discharge) your debts in exchange for you giving up your property, except for “exempt” property. In most cases all of your property will be exempt. The amount of the above exemptions are doubled when a married couple file together, except for the real property exemption. I listed my household goods as collateral, can I keep them? A Motion can be filed in court to remove the lien from exempt household goods. This would allow you to keep these items. However, this would not include luxury items such as exercise equipment, sporting goods, guns, camping equipment, etc. Can I own anything after bankruptcy? Yes!! Many people believe they cannot own anything for a period of time after filing bankruptcy. This is not true. You can keep yo
