2018
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Assets In Chapter 7 Bankruptcy
In chapter 7 bankruptcy, the assets of the applicant will be considered to pay back some or all of the debt owed to the creditors. Assets are classified as exempt and nonexempt. The applicant cannot keep most assets that are considered nonexempt. Differences Between Nonexempt and Exempt Assets Nonexempt assets will be valued and used to pay back creditors. However, there are exempt assets that will be excluded from evaluation. The applicant will be able to keep their exempt assets. [Read More]