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What is an exemption?

An exemption is a privilege or an allowance which allows you to retain certain amounts of property in certain classes including your house (homestead) and personal property including furnishings, jewelry, automobiles, and other property, as well as your 401K or other retirement plan. You don’t lose everything. The exemptions give you your “fresh start.”

How soon after I file for bankruptcy will my creditors and the collection agencies stop calling me?

Immediately upon filing – an automatic stay goes into effect which stops all collection activity including letters, phone calls and law suits – even foreclosure actions and repossessions stop. If a creditor violates the stay, they could be in for some big trouble and may be liable for damage, attorneys fees and costs incurred to…

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