What is considered exempt in chapter 7 bankruptcy law?

Answer Bankruptcy exemptions are provided by state law. The details vary according to each state's laws, but the general principles remain the same from state to state.GenerallyEvery state provides exemp... Read More »

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Can future earnings be considered in Illinois chapter 7 bankruptcy?

Chapter 7 bankruptcy in Illinois uses future earnings as part of the assessment. Illinois uses a two-part means test to determine if a debtor's current income, and income for the foreseeable future... Read More »

How soon after filing a chapter 7 bankruptcy can you file a chapter 13 bankruptcy?

The U.S. Bankruptcy Code allows debtors to file for bankruptcy multiple times, but has changed the number of years you must wait between filings. Previously, a debtor could file under either Chapt... Read More »

What is the difference between a chapter 13&a chapter 7 bankruptcy?

There are several differences between Chapter 7 and Chapter 13 bankruptcies. Both allow people relief from their debts, but the big difference lies in how this relief is obtained and the debts repa... Read More »

What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

Of the six types of bankruptcies authorized by the U.S. federal bankruptcy laws, two apply to individuals: Chapter 7 and Chapter 13. Chapter 7 involves complete liquidation of most personal assets ... Read More »