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Tag Archives: homestead exemptions

How Do Homestead Exemptions in Chapter 7 Bankruptcy Work?

Chapter 7 bankruptcy is advised when debts so overwhelm the individual’s ability to repay that assets have to be liquidated. This means that items of value – car, home, furniture, art, jewelry and sometimes even clothing – will be sold by the trustee in the bankruptcy. The proceeds from the sale of those items are… Read More »