If you own real estate, expensive personal property or valuable assets, you should carefully consider what might happen to these items during your bankruptcy. Traditionally, more than 90 percent of Chapter 7 filers have no-asset cases. If you're filing for bankruptcy in New York, here are a few things that you should know about exempt and nonexempt property before your proceed.
What Is Chapter 7 Bankruptcy?
Chapter 7 is also called a liquidation or straight bankruptcy. This process is intended for individuals and families who don't have enough disposable income to repay their debts. That's why many people who qualify for Chapter 7 ...
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