Liquidation bankruptcy involves selling your assets and property to creditors in order to pay off debt. While liquidation bankruptcy may be the best option for some Cedar Rapids debtors, it’s not necessarily your only option. Fortunately, the attorneys Hong Law, PLC can better inform Cedar Rapids debtors of liquidation bankruptcy, including its exemptions, as it can help them better understand how liquidation might or might not be the wisest option.
Exemptions from Liquidation Bankruptcy
Selling your assets and properties to pay back creditors may be one way to settle your debts; however, liquidation bankruptcy also has several exemptions that Cedar Rapids debtors should know about. For instance, some examples of property that are often exempted from liquidation include:
- Motor vehicles of a certain value
- Jewelry / heirlooms of a certain value
- Necessary clothing / household goods
- Household appliances
- Damages awarded in personal injury cases
- Tools of your trade or profession
- Unpaid but earned wages (portion)
When Cedar Rapids debtors know more about the exemptions in liquidation bankruptcy, they can make smarter decisions about how to move forward with their financial situation. With an experienced attorney by your side, you can rest assured that you are making a sound decision for the sake of your future.
Contact a Bankruptcy Attorney in Cedar Rapids
If you or someone you care about is thinking about filing for liquidation bankruptcy but has questions about the associated process and terms, the attorneys of Hong Law, PLC can help. Contact our offices in Cedar Rapids today by calling (319) 294-5853 to learn more about how we can assist you.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office