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Chapter 11 and Chapter 13 bankruptcies reorganize debt; Chapter 7 liquidates debt. Some of the exempt and non-exempt assets are as follows: The point in bankruptcy is not to financially devastate a debtor and leave them with nothing. So most assets that are necessary for everyday living are allowed and are usually fall within the boundaries required to be claimed as exempt. However, non-exempt assets may be those things that are a little more extravagant (and not necessary for regular everyday life.) These may include luxury vehicles, expensive jewelry and fur coats, fancy government credit report free South Carolina electronics and/or appliances, and bank accounts. A means test is also involved in Chapter 7 bankruptcy which calculates whether you qualify or not to file. The means test calculates your disposable income according to the expenses and income that you have. This test is used to keep those with high incomes from filing Chapter 7.

If you do not qualify for a Chapter 7, you will need to file a Chapter 13 bankruptcy and set government credit report free South Carolina up a payment plan to pay off government credit report free South Carolina your creditors instead of discharging all of your debt. report free credit The means test is also based on the median income of your state, so again where you live is a factor in whether or not you qualify. It is not advised to try to outsmart the bankruptcy court—meaning move anything that is non exempt to make it exempt.

Nor is it advisable to lie about or try to get rid of any of your assets. If government credit report free South Carolina the court finds out that you have committed any type of fraud, your bankruptcy will be dismissed without a discharge and you will have wasted a bunch of time and money (as well as a possible ding on your credit report.) A bankruptcy may still be reported even if it isn’t discharged, which damages your credit without allowing the benefit of a fresh start. Once your bankruptcy has been discharged, you are able to start over with a relatively clean slate. reporting identity theft Most of the debt including credit card government credit report free South Carolina debt is no longer your debt and you are no longer obligated to repay the debt. There are debts that are not dischargeable and these include things like child support and alimony, debts incurred from criminal activity, student loans (unless you can prove that repayment would cause undue hardship), and debts that were non-dischargeable in a previous bankruptcy that was dismissed due to fraud. Although there is always a way to get around some of these government credit report free South Carolina non-dischargeable debts, it is usually not government credit report free South Carolina worth the time and money to file the adverse proceeding. Additionally, it can be quite difficult proving to the bankruptcy court that these debts are dischargeable and not covered by the general rule.

One of the good things about a Chapter 7 though, is that most all other debt is government credit report free South Carolina discharged, which frees up money that can be paid on the few non-dischargeable debts and payments you have to make when the bankruptcy is completed. There are of course a number of ways to file bankruptcy and a number of self help resources online for those that are brave enough to go it alone. credit reports and free Unless you have very little debt and few assets however, I will usually always suggest government credit report free South Carolina finding an attorney to help you file your bankruptcy. Otherwise, you’re taking a chance on missing something large or small that can keep you from getting your discharge, as well as losing assets that you may not have had to liquidate.

Not to mention how handy an attorney is if any of the creditors decide to give you a hard time. In the end, bankruptcy is simply a process that can work for you and give you some breathing room in order to get your finances back on track.