What Bankruptcy Furniture Is

Bankruptcy furniture is simply the furniture that is auctioned off whenever someone declares bankruptcy. The cost of this furniture is similar to what you would find at a garage sale. While individuals can claim some of their furniture as being exempt under Chapter 7 bankruptcy, this is not something that corporations can do.

Finding Bankruptcy Furniture Online

You can easily find bankruptcy furniture online since there are numerous web sites where bankruptcy furniture is auctioned off. Herein you will be able to find a good deal on everything from antique bedroom furniture to extremely modern office furniture. As you can see, there is pretty much anything that you want here because people accumulate various types of furniture and these web sites sell this bankruptcy furniture instead of focusing upon a single name brand or another. A lot of times you can even compare the price that you are about to pay and look at other information so that you can make a more informed decision and get the best value for your money.

Keeping Yourself From Having Bankruptcy Furniture

If you are actually planning on filing bankruptcy, you should know that by filing Chapter 7 Bankruptcy you won't have to put up a lot of bankruptcy furniture. This is because you will be allowed to keep part of your personal belongings and part of your home. A lawyer will determine what part of your property is and is not exempt. They will then liquidate your assets so that you can pay off your creditors. It is important to understand that the total value of bankruptcy furniture that you will be allowed to retain will depend upon the statute under which you claim bankruptcy.

Most of the time bankruptcy furniture is exempt for individuals. However, there may be some cases wherein the creditors or trustees may raise objections to the value that the furniture has been assessed for. Of course, there are also other cases wherein the bankruptcy furniture is of relatively higher value and exceeds the statutory value and thus the trustee will appoint an auctioneer to deal with the matter.

Understanding Chapter 7 Bankruptcy

Chapter 7 bankruptcy is meant to protect those who are filing bankruptcy, thus there are certain criterion that must be fulfilled before you are eligible for filing bankruptcy. The main criteria is that your disposable income must be less than the median income in the state where you live. Herein you will also have to undergo credit counseling.