No need to get up at the crack of dawn and scurry the town for the best yard sales. Just buy yourself some bankruptcy furniture. It is often at sold at "yard sale" bargain prices. If you are wondering what bankruptcy furniture is, it is simply the furniture that is auctioned off at whenever someone declares bankruptcy. More often than not, this furniture is from corporations and not individuals since individuals filing Chapter 7 bankruptcy can claim some of their furniture as exempt, however the same does not apply to corporations.
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How to find Bankruptcy Furniture Online
While bankruptcy furniture means someone else's loss, it can be your gain. Bankruptcy furniture can be found online at numerous web sites where it is auctioned off. This furniture can be anything from an antique bedroom set to modern office furniture. The options are infinite on choices of furniture and brand names. It is a good idea to do a little comparison-shopping between sites to look for the best deals.
How to Keep From Having Bankruptcy Furniture Yourself
While it's nice to be on the receiving end of bankruptcy furniture, it is not so nice to be on the giving end. If you are planning on filing bankruptcy, look at all your options and find the best solution for keeping your furniture. With Chapter 7 bankruptcy, you don't have to give up as much furniture. With this filing, you are allowed to keep some of your personal belongings as part of your home. A bankruptcy attorney can determine what part of your property is and is not exempt with the bankruptcy filing. Items not exempt will be liquidated to pay off your creditors.
With bankruptcy, often furniture is exempt for individuals. But in some cases creditors or trustees may raise objections on the assessment of the furniture. There are also cases where the assessment of the bankruptcy furniture is of relatively higher value and exceeds the statutory value. In these cases, the trustee will appoint an auctioneer to deal with the furniture.
Qualifying for Chapter 7 Bankruptcy
The main objective of Chapter 7 bankruptcy is to protect the individual who is filing. Therefore there are certain standards that must be met in order for an individual to be eligible to file for this type of bankruptcy protection. An individual's disposable income must be less than the median income in the state in which they live and the individual must undergo credit counseling under Chapter 7 bankruptcy filing.
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