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I explain it as the law allows you to keep different "buckets" of property. The buckets will hold certain amounts of property for different types of property. For instance, the law gives you an exemption for furniture. The bucket for furniture and household goods will hold a little over $12,000 worth of household items. So we look at the value of the clients' furniture to see how much fits into that bucket. Most of the time everything fits in and they get to keep everything. The law provides buckets/exemptions for all types of property including equity in a house. It is a matter of analyzing the debtor's asset and sorting them into the buckets.
You do not lose all your property when you file bankruptcy. Exemptions help protect enough property to assist debtors get back on their feet. This is part of the protection provided through the bankruptcy laws.
If you want assistance, legal representation, or just want to know more about Mark Medvesky or Medvesky Law Office, LLC, check out our website at www.medveskylaw.com.
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