If you are faced with rising interest charges and you can't see how to pay off your debt within five years, Chapter 7 bankruptcy may allow you to
keep certain important
assets while getting your creditors off your back.
If the cost of a
certain claim exceeds the limits of an existing insurance policy, umbrella coverage extends liability to protect your
assets,
keeping you from paying the expense out of pocket.
If you live in a community property state — Arizona, California, Louisiana, New Mexico, Nevada, Idaho, Texas, Washington or Wisconsin —
assets and debts you acquire during your marriage belong equally to both spouses, except in
certain narrow circumstances, such as
assets acquired by inheritance or gift that you
kept separate from your marital
assets.