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Chapter 7

Chapter 7 bankruptcy

Bankruptcy Property Exemptions

The process of bankruptcy offers debtors a clean slate when they are overwhelmed by financial burdens. Once a bankruptcy case is completed, however, the debtor will still need basic possessions and assets to move their life forward. Fortunately, the Bankruptcy Code recognizes these basic needs and provides a variety of property exemptions for debtors. If property is exempt, it will not be subject to the seizure of creditors.

The Role of a Trustee in a Bankruptcy Case

Ok, you are getting a fresh start on your financial situation and have filed for bankruptcy. One of the major players that you are going to be interacting with is a bankruptcy trustee. A bankruptcy trustee is a lawyer assigned to oversee your bankruptcy case. Their role in the case differs as to whether your bankruptcy case is Chapter 7 or Chapter 13.

 

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