Monday, February 13, 2012
What do you get to keep when you file bankruptcy?
When you file a bankruptcy, a bankruptcy estate is created which consists of all of your assets. You may be able to exempt certain assets, depending on the chapter and what state you live in. To exempt something means to cite the law that allows you to retain it. In most jurisdictions you are able to retain a certain amount of equity in a home, equity in one or more vehicles, certain household belongings and other things. If you have assets that are of particular value, be sure to consult with a bankruptcy attorney about it BEFORE you decide to file bankruptcy.