Chapter 7 Bankruptcy Debt Relief And Asset Protection In Bridgeport, CT
The most common misconception about Chapter 7 is that filing Chapter 7 will result in a loss of assets. In fact, nothing could be further from the truth or the purpose of Chapter 7. The vast majority of all Chapter 7 cases are called "no assets" cases meaning that the filing party loses no assets at all. Instead, all of their property was "exempt" meaning yours for the future and "protected" from creditors. The purpose of Chapter 7 bankruptcy is to protect what you own and get rid of what you owe.
Properly prepared Chapter 7 bankruptcy petitions discharge unsecured debt in full and protect all personal assets in full.
At the Bridgeport, CT Law Offices of Neil Crane, we know how to utilize all of the bankruptcy exemption laws to protect your assets and discharge the full range of your unsecured bills. For a free consultation, call us at 203-230-2233 or toll free at 1-888-249-3027. Or fill out our simple online Contact Form.
Bankruptcy Exemptions and Property Protection
Chapter 7 laws were written to provide debt relief and the ability to obtain a new financial future. The authors of the law understood the need to preserve and protect "basic" assets needed by individuals and families to obtain a fresh start. They therefore create strong federal and state laws to exempt or protect certain basic assets from seizure or collection by creditors.
"Exemption laws" protect the assets necessary to assure that all individuals and families will be allowed to continue forward with the items that facilitate and promote their opportunity for a fresh start and future success.
Federal bankruptcy exemptions include a variety of protection provisions subject to certain value limitations:
- Automobiles are protected
- Equity in personal homes up to $75,000 per person is protected
- Cash accounts and other items of value are protected by the Wild Card Exemption to $12,725 per person
- Pensions, 401Ks, IRAs and other tax qualified accounts are protected
- Household goods are protected and valued at "tag sale" value
- Cash values in life insurance policies are protected up to $12,250
- Miscellaneous other items and belongings are also protected.
Discharging Debt Under Chapter 7 Bankruptcy in Fairfield County
Chapter 7 bankruptcy allows for the discharge of nearly all forms of unsecured debt, including:
- Credit Cards
- Personal Loans
- Medical Bills
- Payday Loans
- Car Taxes over 1 year old
- Income Taxes over 3 years old
- Deficiency Judgments
- Other forms of unsecured debt
The primary function of Chapter 7 is the extinguishment or "discharge" of unsecured debt in full. Chapter 7 protects assets and future pay from old bills and allows for a financial fresh start. Obtaining the full range of Chapter 7 debt relief coverage and asset protection requires the knowledge and assistance of an experienced Chapter 7 attorney.
At the Law Offices of Neil Crane, we've been providing a full range of Chapter 7 bankruptcy protection since 1983. Our knowledge, hard work and preparation has made us one of the leading Chapter 7 offices in Bridgeport and the surrounding Fairfield County area.
For a free consultation, call us at 201-815-1161 or toll free at 1-888-249-3027, or fill out our online Contact Form today.