Bank finance articles and tips

f you are thinking about filing for Chapter 7 bankruptcy but you are afraid that you will have to liquidate everything you own, you probably don't need to worry. In many cases, individuals get to keep personal property such as their furniture, vehicles, clothing, tools and jewelry.

Why is this? Because there are exemptions that allow Chapter 7 filers to keep a certain amount of their property and in many cases, debtors get to keep everything they own. If you have an excess of personal property such as multiple vehicles, luxury boats and such, you may be required to liquidate those items, but if you are literally living off the basic essentials, you may not need to liquidate anything.

Filing for a Chapter 7 bankruptcy can provide the immediate financial relief you'll need. Chapter 7 bankruptcies are relatively quicker than their more complicated Chapter 11 and Chapter 13 counterparts - and as you don't have to undergo any repayment plans, you'll immediately experience relief from your biggest debts.

However, that doesn't mean that you'll experience relief from ALL of your debts; in fact, there are exemptions to this rule that can ultimately determine whether or not you'll file for Chapter 7 bankruptcy. If one of your biggest debts can't be discharged by a Chapter 7, you and your bankruptcy attorney view other alternatives.

With this in mind, let's take a look at the debts that can't be discharged in a Chapter 7 bankruptcy.