Federal And State Bankruptcy Laws

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April 16, 2011
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Federal And State Bankruptcy Laws

Both federal and state bankruptcy laws will affect your bankruptcy case, which is why it is important for you to hire a Fort Wayne bankruptcy attorney. You are not in any way required to hire a Fort Wayne bankruptcy attorney or legal aid of any kind, but bankruptcy can be a complicated and difficult process to complete even when you know what you are doing. It is best that you have an expert in the field like a Fort Wayne bankruptcy attorney to help you, especially if your bankruptcy case proves more difficult than most.

State bankruptcy laws come into play when you are considering what bankruptcy exemptions you can or want to use. Many people erroneously believe that simply the act of filing for personal bankruptcy means that they will lose all of their personal property. Bankruptcy exemptions are the reason why you would not, even if you have filed for chapter 7 bankruptcy and are liquidating personal property to help pay back your creditors.

There is a set of federal bankruptcy exemptions and each state tends to have at least one set of their own bankruptcy exemptions. Some states allow you to use both federal bankruptcy exemptions and state bankruptcy exemptions. Other states require you to choose between using federal bankruptcy exemptions or state bankruptcy exemptions. In the latter instance, you can sometimes use supplementary federal bankruptcy exemptions along with your state bankruptcy exemptions.

The state of Indiana allows you to use federal bankruptcy exemptions in conjunction with state of Indiana bankruptcy exemptions. Their state bankruptcy exemptions include homestead, wages, tools of trade, and a wild card for $4,000 worth of real estate or other personal property. This is not an a complete list and you should consult with a Fort Wayne bankruptcy attorney to know all the state’s bankruptcy exemptions.

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For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.
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