What are nonexempt assets in bankruptcy?

Recently on our bankruptcy forum a user asked, “I know that when I file Chapter 7 bankruptcy there is a good chance that some of my assets will be liquidated. A friend told me, however, that under bankruptcy laws some of my assets might be protected. He called these exempt assets. My question is what assets are nonexempt assets and what am I likely to lose if I decide to file Chapter 7 bankruptcy?”

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Three reasons not to file bankruptcy

Recently on our bankruptcy forum a user asked, “My spouse and I are having an argument. We currently owe $25,000 in credit card debt, $50,000 in medical bills, a $300,000 mortgage we cannot afford, and a $50,000 car loan we cannot pay. He seems to think that if we file for bankruptcy that all of our debts and problems will disappear. I feel like we got ourselves into this mess and we should get ourselves out. What is your advice?”

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Pre-Discharge Debtor Education course why do I have to do this?

Recently on our bankruptcy forum a user asked, “I have completed all the requirements for my bankruptcy filing. Now I find out that I have to complete a Pre-Discharge Debtor Education Course. I am wondering why I have to do this and why the government makes everyone jump through so many hoops to file for bankruptcy protection.”

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Creditors how are they notified I have filed for bankruptcy?

Recently on our legal forum a user asked, “I am filing Chapter 7 bankruptcy. I am trying to decide whether or not to file on my own or hire a lawyer. First, I want to know what I need to do to file for bankruptcy. Next, I need to know how my creditors will be notified I have filed and what to do if they don’t stop hassling me.”

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Wage garnishment will it continue during bankruptcy?

Recently on our bankruptcy forum a user asked, “I have $50,000 in student loans and I owe another $5,000 in child support. I have a wage garnishment to repay both of these debts. I filed for bankruptcy protection, but my wages are still being garnished for child support. Is there any way to stop the creditors from deducting money from my paychecks?”

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Chapter 7 bankruptcy discharge why was it denied?

Recently on out legal forum a user asked, “I have more than $25,000 of medical debt, $50,000 of credit card debt, and thousands of dollars of student loans. I was talking to a friend and he told me that the bankruptcy court denied his Chapter 7 bankruptcy discharge. Does this happen all the time? What are some reasons that your Chapter 7 bankruptcy discharge might be denied?”

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Texas bankruptcy how do I protect my assets?

Recently on our bankruptcy forum a user asked, “I have $60,000 in unpaid medical bills, a $20,000 credit card bill, and student loan debt. I never thought I would have to consider filing bankruptcy but I just don’t see how I would ever repay my debts. I know that if I file Chapter 7 bankruptcy there’s a good chance that I might lose some of my assets. Can you tell me more about how to protect them through a Texas bankruptcy?”

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Bankruptcy Tips for Chapter 7 bankruptcy

Recently on our bankruptcy forum a user asked, “I am in a financial crisis. My spouse has divorced me, I need to find a job, and I am suffering from a severe medical condition. I have not worked in years, and I am scared. Additionally, I have over $50,000 in medical debts. I am thinking that my only option might be to file Chapter 7 bankruptcy. Do you have any bankruptcy tips for me or things I need to consider before I file?”

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Repay loans or file for bankruptcy?

Recently on our bankruptcy forum a user asked, “I have a car loan, credit card debt of $10,000, college loans exceeding $100,000, and medical bills totaling $35,000. I have a decent job, but don’t see a way that I will ever be able to repay all of my secured and unsecured debt. Do you think bankruptcy is a good idea for me?”

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