Bankruptcy filing protects family bible. A woman was facing money problems. She turned to a bankruptcy filing for help. The one possession she cherished was the family bible. The bankruptcy filing saved the family bible. The bible was no ordinary bible. It is a first edition Book of Mormon bible from 1830. The bible could be worth thousands of dollars. Anna Robinson was afraid she would lose the bible when she made the decision to file for bankruptcy. The Chapter 7 trustee argued that the bible should be sold to pay off the creditors in the bankruptcy case. The bankruptcy judge in the case agreed that the bible should be sold to pay off the debts in the Chapter 7 bankruptcy case. That decision was overturned by a federal judge. The court ruled that Illinois law prevails. The state law protects bibles from being sold to pay off creditors. This case shows people an important lesson when a bankruptcy is filed. Each district has exemptions that vary. Exemptions are critical to determine what property can be protected. Many think when a Chapter 7 bankruptcy is filed property will be lost. That is not always the case. Exemptions are created to protect property from being seized. That is why it is very important not to cut corners when deciding on whether to file bankruptcy. Consult with a bankruptcy attorney where you live. If you decide to file bankruptcy, do your research. Make certain the bankruptcy lawyer you select is knowledgeable. An experienced bankruptcy lawyer will work with you. This will help you decide what Chapter of bankruptcy is best for you. It will also make certain the proper bankruptcy exemptions are applied to your situation. The Illinois bankruptcy case hammers home an important point. The filing of a Chapter 7 bankruptcy does not always mean your property will be lost. Even an important family bible can be saved.
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