Chapter 7 and Chapter 13–Exempt and Not Exempt Assets
Most of the time everything you own is exempt, meaning it's protected in a Chapter 7 bankruptcy. If not, Chapter 13 can usually protect it.
Chapter 7 and Chapter 13
Sometimes it's obvious which of the two consumer bankruptcy solutions is right for you. But not always. You might be surprised.
Mistakes to Avoid: Selling or Borrowing against Assets Protected in Bankruptcy
Give both you, AND your assets, a fresh financial start.
Big Mistakes to Avoid When Considering Bankruptcy
Decisions that seem to make sense at the time can end up being against your best interest. Hereâs what to look out for.
Making Sense of Bankruptcy: Using State Property Exemptions in Federal Bankruptcy
The U.S. Constitution makes bankruptcy a federal procedure. So why is the amount of assets you can protect different in each state?
New Year Resolution #8: Close Down Your Unprofitable Business While Protecting Yourself and Your Assets from Your Debts
If you've decided to close down your business, or would if you could avoid its debts, or had a way to pay its taxes, consider bankruptcy.
Crucial Question: How Does Chapter 13 Save Possessions that You’d Otherwise Lose in a Chapter 7 Bankruptcy?
If your possessions are not fully protected by the available property exemptions under Chapter 7, Chapter 13 can save the day.
October Tax Season: What Happens to My Income Tax Refund If I File a Chapter 7 “Straight Bankruptcy” Case?–Part 1
You can usually keep your tax refund(s), although doing so may take some maneuvering.
Crucial Question: How Can I Protect a Non-Exempt Asset with a Chapter 13 “Adjustment of Debts”?
Protect your otherwise unprotected asset(s) by flexibly paying to do so under Chapter 13. Maybe you wonât even need to pay anything extra.
Crucial Question: Can I Keep Everything I Own If I Do a Chapter 7 Bankruptcy?
Most people who file bankruptcy under Chapter 7 do not have to surrender anything to their trustee because everything they own is "exempt."
A Last Word about One of Only Two Supreme Court Consumer Bankruptcy Opinions This Year
Last month's decision in Clark v. Rameker affects millions, if not billions, of dollars in IRAs.
An After-Fourth of July Lesson by the Supreme Court
One woman's trip through the bankruptcy appeals process, with a total of 21 judges or justices giving her more than her day in court.
A Lesson in Retirement Exemptions from the Most Recent Bankruptcy Decision by the Supreme Court
Almost all forms of retirement are protected. Inherited ones aren't, unless you are the spouse, or maybe if you live in the right state.
A Lesson in Property Exemptions from the Recent Supreme Court Decision about Inherited IRAs
Some debtors can, but others cannot, choose between the federal and state exemptions. That's because of a major political compromise.
Supreme Court Decides that an Inherited IRA Is Not Protected from Creditors in Bankruptcy
An Individual Retirement Account no longer consists of "retirement funds" once it is transferred to a beneficiary. So it's not exempt.