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Category Archives: Exemptions

Chapter 7 assets general guidelines of what is allowed and not allowed to be liquated

Federal laws govern the process and procedures of all bankruptcies, however many states provide their own exemptions. For example in New York bankruptcy petitions, the debtor may decide in Chapter 7 petitions whether to follow state or federal asset exemption guidelines. Many individuals are unaware of the laws surrounding their assets when they file for…Continue Reading