If you have exempt income should you apply for bankruptcy?

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Exempt from what? From levy for debt? The creditors can still go after assets, like a house or car, and they can get a judgment good for 20 years or 10 years, renewable for 10, depending on your state law. And they can bring you into court periodically to verify that you're still judgment proof. If you are low income, you may qualify for a filing fee waiver and be able to get a lawyer to waive the legal fee.

At least you will not have to worry about a creditor taking advantage of a change in your circumstances.
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