Chapter 7 Bankruptcy
Our bankruptcy attorneys can educate you on your options for debt relief, including Chapter 7 bankruptcy. If you feel like you’re sinking further behind financially, we can help you plan for a brighter future. Contact McCue Law Office in Bangor today to get started.
What Is Chapter 7 Bankruptcy?
When you file for Chapter 7 bankruptcy relief, a trustee collects and liquidates all of your property that is not exempt to cover your debts. Most Chapter 7 bankruptcy cases are no-asset cases, which means that all property owned by the debtor is exempt. However, it is best to talk with an experienced bankruptcy attorney to understand the specifics of your unique situation.
Certain property is exempt under Maine law, which means that trustees cannot take it when you file for Chapter 7 bankruptcy. This can include equity in your home, life insurance, family support income, pensions, personal property (clothing, household goods, and furniture), public benefits, tools of your trade, and wages earned after you file bankruptcy. Contact our bankruptcy attorneys to learn more about the difference between exempt and non-exempt assets.