Bankruptcy is a legal term that often induces fear and confusion in the minds of individuals and businesses struggling with mounting debts. It is essentially a legal recourse designed to provide those ...
Bankruptcy exemptions determine what property you can keep, so knowing these limits is crucial before you file.
In a Chapter 7 bankruptcy, creditors can seize certain assets to repay the debts you owe. However, exceptions allow debtors to retain some of their assets (or at least part of the asset’s value).