No matter whether you are filing for a Chapter 7 or a Chapter 13 bankruptcy, exemptions are very important. Using the services of a Fort Worth bankruptcy lawyer will help you to understand what you may be eligible for, and will help to ensure you don’t make any mistakes in your application. The outcome of what the exemptions can create will be different depending on which chapter the bankruptcy is proceeding under, but they can help with the debt burden that led the individual into going after this type of financial solution to being ridden with debt.
What bankruptcy exemptions mean is that some of your assets will not be touched by the trustee in charge of your bankruptcy proceedings. It may turn out that your vehicle will be exempt, or some other form of your property. There are various types of exemptions which can help to protect a specific amount of your asset while others will totally be exempt.
It is important that your bankruptcy lawyer discusses the potential exemptions prior to your proceedings so you know what you risk to lose or gain by this type of action. Naturally the more exemptions that you can qualify for, the more beneficial and less devastating your bankruptcy will be. In any event the conclusion of your bankruptcy is going to place you in a much better financial position and you should certainly feel the relief of not having creditors constantly hounding you.