What Are Exemptions In The Chapter 7 Bankruptcy Process?
Whenever a Chapter 7 bankruptcy attorney files a petition on behalf of a client, it's normal for them to ask the court for exemptions. An exempt asset is something like a piece of property or an account that the court won't seize or sell to compensate a filer's creditors. It is important to understand what exemptions are and how they might factor into your filing. Exempt vs. Non-Exempt Courts don't want to render people destitute.