Is there a way to avoid repaying certain creditors when filing for Chapter 7 Bankruptcy?

The answer to the question is yes, you can avoid repaying certain creditors when filing for Chapter 7 Bankruptcy in Idaho. When filing for Chapter 7 Bankruptcy, a person can choose to exempt certain creditors, which means the creditors won’t get repaid. This is done by using Idaho’s exemptions or choosing the federal exemptions. Idaho sets out a list of exemptions which you can use to save certain assets and income from creditors. These exemptions include, but are not limited to, your house, certain motor vehicles, personal property, homestead, wages, and more. You can also choose to use the federal exemptions. These allow for a person to exempt a higher total value of assets than the Idaho exemptions list. When either of these exemptions are used, it helps to protect certain assets from creditors, which in turn, helps to minimize the amount of assets that need to be paid back to creditors when filing for Chapter 7 Bankruptcy. In conclusion, it is possible to avoid repaying certain creditors when filing for Chapter 7 Bankruptcy in Idaho. By using either Idaho’s exemptions or the federal exemptions, you are able to exempt certain assets and income from creditors. This helps to protect those assets and minimize what needs to be paid back to creditors when filing for bankruptcy.

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Is there a way to avoid repaying certain creditors when filing for Chapter 7 Bankruptcy?

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