Chapter 7 Exemptions

Bankruptcy exemptions refer to assets that you may keep when you file for Chapter 7 bankruptcy. As a general rule, Chapter 7 or total liquidation bankruptcy will require that you surrender most of your cash and many of the possessions you own so these items can be sold.

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Can I file Chapter 7 if I have no property or assets to turn over to the trustee?

Most Chapter 7 cases involve individual debtors who have no assets to satisfy any portion of their creditors’ claims. These are called “no-asset” cases. In these cases, the court will hold a discharge hearing, and if there are no objections to the discharge filed by creditors, the court will cancel (discharge) the debts covered in the petition. The debtor is then no longer responsible for those debts.

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Can the state deny a license or permit because of bankruptcy?

The state generally cannot suspend a license because you filed for bankruptcy. It is illegal for a governmental unit to deny, revoke, suspend, or refused to renew a license, permit, charter, franchise, or other similar grant to someone solely by reason of his/her having been a debtor, having been insolvent prior to discharge, or having failed to pay a dischargeable debt.

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Secured Debts in Chapter 7 Bankruptcy

This article is intended to summarize the treatment of secured debt in Chapter 7, however this is a very complex legal topic that depends on the facts of each individual case. Accordingly, if you require further information regarding how secured debt will be treated in your circumstances, you should contact a bankruptcy attorney.

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