Local Law Firms Home > Bankruptcy Overview > Chapter 7 > Exempt Property: Household Appliances In a Chapter 7 bankruptcy case, the individual filing has to turn specific assets over to the bankruptcy trustee, so that the assets can be sold and the proceeds used to pay off overdue accounts. Debtors, whether they are individuals or companies, are frequently justifiably worried about what assets they will be permitted to keep and what they must give up. There are many different examples of property that a Chapter 7 debtor will often have to give up ("non-exempt" property), and property that the individual or business may often keep ("exempt" property.)
For anyone that has ever remodeled an entire home, just one room or even has purchased one large household appliance, it is not news that these are costly purchases. When it comes to filing for Chapter 7 bankruptcy, many people worry about the things that they have spent a lot of money on and wonder if these items are subject to collection after filing for bankruptcy in order to satisfy their debts. Household appliances are no exception, and especially the more expensive ones are a cause for concern for those considering declaring Chapter 7 bankruptcy. However, in a Chapter 7 bankruptcy, all household appliances are considered to be exempt property. This means that it is exempt, or not qualified for, any type of collection during a Chapter 7 bankruptcy declaration. Do you have legal questions regarding Chapter 7 bankruptcy and exempt property, such as a household appliance? Our bankruptcy law attorneys are here to help answer all of your questions and inform you of your rights. Contact a bankruptcy lawyer in your area today for more information.
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