Posts tagged "exempt property"

For many individuals or sole proprietors preparing to file for bankruptcy, Chapter 7 is the preferred choice. Filing for bankruptcy under Chapter 7 allows an individual or sole proprietorship business to discharge most debts in exchange for the liquidation of nonexempt assets, the proceeds from which are used to pay creditors. Not all assets must be liquidated under Chapter 7, however. If you are considering filing under this chapter, it's important to understand which types of property will be exempt during the process.