In these difficult times, with thousands of people losing their jobs every month, it can be hard to keep up with all the expenses, especially when the bills keep coming. Falling behind on payments for a vehicle happens to the best of us. Sometimes life deals you adversity like an unexpected medical bill, a work related layoff or some other situation that no one plans for in the budget. You don’t have the money for it, but if you put off the car payment, you can get the bill paid, and hopefully can catch up on the car payment next month.
The process of bankruptcy offers debtors a clean slate when they are overwhelmed by financial burdens. Once a bankruptcy case is completed, however, the debtor will still need basic possessions and assets to move their life forward. Fortunately, the Bankruptcy Code recognizes these basic needs and provides a variety of property exemptions for debtors. If property is exempt, it will not be subject to the seizure of creditors.