What Property Can You Keep Under Chapter 7 in Pennsylvania?

What Property Can You Keep Under Chapter 7 in Pennsylvania? When a person considers filing bankruptcy in Pennsylvania, they often fear that the bank will take everything they have. Thankfully that’s an unfounded fear. While Chapter 7 bankruptcy does mean liquidating assets to satisfy debts, it does not mean your creditors can take the shirt off your back.  It is only referring to assets that are non-exempt. In a typical Chapter 7 Bankruptcy filing, a Bankruptcy Lawyer is usually able to exempt all of a person’s assets There are Federal and State protections for people filing bankruptcy. Some personal property and assets are completely exempt from liquidation, while others are exempt up to a certain value. Federal vs State Exemptions The Federal Government has standard bankruptcy exemptions available to every citizen in every state. Each state also offers their own exemption scheme that can be used when filing for bankruptcy under Chapter 7. There are advantages…

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