Can I Mix Exemptions?
In some circumstances, a person filing for Chapter 7 bankruptcy may have to liquidate some assets in order to repay creditors. Fortunately, a person can use exemptions set up by the government to protect important assets. However, in some instances, one exemption may not be enough to help a person save his or her home or another expensive asset, and a bankruptcy filer will need to use multiple exemptions.
To discuss your exemption options further with an experienced attorney, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today.
Using Exemptions Together
An important feature provided by federal and state governments is the ability to overlap exemptions in necessary situations. Often, a bankruptcy exemption will not fully cover a piece of property, leaving that property at the mercy of the court and the debtor’s creditors.
However, a debtor may be able to use multiple exemptions on a single piece of property to protect their holdings. The following reminders are important for debtors thinking about using exemptions:
Exemptions may be boosted by using multiple exemptions for one property
Some exemptions may not be eligible for use together to protect a property
All exemptions still need to be properly filed
Filing for a bankruptcy exemption can be extremely confusing, so it is important that you work with an experienced attorney to avoid unnecessary complications.
If you are burdened by substantial debt, bankruptcy may be the best option for you. To learn more about what bankruptcy options you may be eligible for, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, today by calling (205) 324-4000.