Wednesday, November 22, 2017

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Will I Lose All My Property?

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Category: Faqs

No, as long as you tell the court what you own and what you think it's worth, the law will allow you to keep your property as the basis for your "fresh start" subject to certain limitations. The law is very generous in allowing you to exempt your home equity, automobiles, household goods and furnishings, clothing, jewelry, bank accounts, stocks and bonds, pension and 401k plans, etc. The most important thing to do is make an accurate list of what you own and what you think it is worth - in other words, what someone would reasonably pay for the item.

Exemption:  When you file a bankruptcy, an estate is created and a trustee is appointed to administer the bankruptcy estate.  The law allows you to keep a certain amount of property or to “exempt” such property from the bankruptcy estate.  Most people can exempt all of their property.