Even the healthiest people in Louisiana can fall victim to serious accidents or unforeseen health crises that require medical care and intervention. Medical technology has certainly advanced rapidly over the past decades, but unfortunately, it often appears as if medical costs have far outpaced any type of advancement in procedures in treatments. For same, paying off bills for even minor procedures and treatments can be a Herculean task with only one viable option -- personal bankruptcy.
Last time, we spoke about how exemptions work in Chapter 7 bankruptcy. As we noted, Chapter 7 exemptions refer to assets that are not subject to liquidation. In Chapter 13 bankruptcy, exemptions have a different function.
Last time, we mentioned that having a solid understanding of bankruptcy exemptions can help a debtor to determine not only whether Chapter 7 or Chapter 13 bankruptcy will allow the debtor to save his or her home, but also generally which form of bankruptcy is more appropriate for his or her overall financial situation. This assumes, of course, that the debtor has the ability to opt for either form of bankruptcy.