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LaPlace Bankruptcy Lawyer

Bankruptcy Exemptions

Exemptions are an integral part to both Chapter 7 and Chapter 13 bankruptcy. In some Chapter 7 cases, individuals are required to sell certain property or assets in order to gain funds to repay creditors. If you are filing for Chapter 7, you can utilize property exemptions to protect some or all of your assets from sale.

In fact, most people do not lose any property in filing for Chapter 7, so the odds of being able to keep all of your possessions are in your favor. If you are filing for Chapter 13, exemptions will be used to determine how much you will have to pay back to unsecured creditors over the course of your payment plan.

Bacchus Law Group, LLC possesses knowledge of bankruptcy that can only be gained through helping hundreds of individuals through the process. We have provided personalized assistance to clients in all types of bankruptcies, including Chapter 7 and Chapter 13 cases, and we have become adept at obtaining the best possible results.

If you are considering bankruptcy, a LaPlace bankruptcy lawyer at our firm can consult with you to determine what exemptions you may be able to take advantage of. Should you choose Chapter 7 bankruptcy, our goal will be to protect as many of your assets as possible, if not all of them. Should you decide on Chapter 13, we will work towards finding exemptions that will make your payment plan as affordable and as brief as possible.

Bankruptcy Attorney in Metairie

Bankruptcy exemptions allow you to protect property and assets from sale, provided that their dollar value does not exceed a certain limit. For example, the automobile exemption in our state allows up to $7500 of equity in a motor vehicle. If your vehicle is worth $7500 or less, it will not have to be sold as part of your Chapter 7 proceedings. Different property types have different value limits assigned to them, so it is best to consult with an attorney if you are intent on maximizing your available exemptions.

It is recommended that you contact a LaPlace bankruptcy attorney who may be able to help you take full advantage of bankruptcy exemptions whether you are filing for Chapter 7 or Chapter 13.