Sedalia Co Bankruptcy Lawyer Can Explain Properties May Protected

If a property is covered by a bankruptcy exemption, that property is protected from creditor claims. Any property that is not provided for under the exemption rules, can be liquidated by the bankruptcy trustee.

Some states have what is known as “wildcard exemptions,” which a debtor can use to apply to a property not preserved by a current exemption. If a debtor is filing for bankruptcy in a state that allows wildcard exemptions, a Sedalia CO bankruptcy lawyer will warn that there are monetary limitations that do apply, and that some states stipulate the properties that qualify.