Archive for the ‘Exemptions’ Category

Upside Down Car Loans: Is There Hope in Chapter 7 Bankruptcy?

A recent story in the Detroit Free Press observed that nearly one out of every three car loans in the United States is “upside down.” Stated another way, the driver is paying more on the car loan than the car is even worth.  And who knows the status of the automobile industry better than the […]

Keeping Your Swine in a Bankruptcy: Weird exemption laws in the United States

One of the critical goals in any bankruptcy proceeding is to keep as much of your property out of the hands of the Trustee as you can. In fact, you want to keep all of it out of the Trustee’s hands (the so-called “no asset” case). After all, if the Trustee takes everything from you, […]

Chapter 7 Bankruptcy- Does It Mean I Will Lose My House? My Car?

Chapter 7 Bankruptcy is a powerful tool which can eliminate consumer debt, stop debt collection lawsuits in their tracks and allow debt-strapped consumers to open their mail and answer their phones again.