Identifying Chapter 7 Bankruptcy Benefits

If you aren't sure which type of bankruptcy will work best for your current financial situation, consider these benefits of Chapter 7 bankruptcy:

One of the most popular reasons why people often choose Chapter 7 bankruptcy is that they can protect some of their assets from sale and seizure. Depending on the state in which you claim bankruptcy there is a list of exemptions that are allowed under Chapter 7 bankruptcy. 

For example, if you live in Texas you can claim these exemptions: the motor vehicle exemption allows the full equity of one vehicle per person, as well as those people who are expected to have the use of a vehicle; the homestead exemption who has domiciled in a home for at least forty months can claim full equity, while those who have been living there for a shorter period of time can take $136,800 in equity; retirement benefits as well as pensions and 401(k)s; $30,000 in personal property; two firearms per home; alimony payments; and equity in rural areas under 100 acres. 

Thinking about filing for Chapter 7?  If so, contact the Malaise Law Firm to get help from a San Antonio bankruptcy lawyer.