Chapter 7 bankruptcy is also known as the liquidation bankruptcy. During the process of a chapter 7 bankruptcy, no repayment plan it set up and the debt is no longer the responsibility of the debtor. There are a few exemptions that a debtor can make during chapter 7 bankruptcy. Each state is different but certain items that can be exempt are homestead property, insurance benefits, personal
. property and tools of trade. To see what is exempt in your state, visit http://www.filing-bankruptcy-form.com/bankruptcy-exemptions.html and click on the state that you will be filing in.
