{"id":2366,"date":"2014-06-19T15:21:42","date_gmt":"2014-06-19T22:21:42","guid":{"rendered":"https:\/\/wefight4you.com\/?page_id=2366"},"modified":"2019-08-08T11:24:47","modified_gmt":"2019-08-08T11:24:47","slug":"keep-property-bankruptcy","status":"publish","type":"page","link":"https:\/\/wefight4you.com\/upland-bankruptcy-lawyers\/keep-property-bankruptcy\/","title":{"rendered":"Can I Keep My Property In a Bankruptcy"},"content":{"rendered":"
Can I Keep My Property In a Bankruptcy? This is one of the common questions asked by people considering bankruptcy as a solution to their financial problems. The good news is that the answer for most people is “Yes”. However, insuring that you are able to keep your car, home, jewelry and the signed first edition Norman Rockwell print that your great aunt Sally left you depends on the proper use of bankruptcy exemptions.<\/p>\n
<\/p>\n
So, perhaps the better answer to the question, “Can I keep my property in a bankruptcy?,” is, it depends on if you know how to use the bankruptcy exemptions properly.<\/p>\n
Bankruptcy exemptions are the answer to the question, “Can I keep my property in a bankruptcy?,” so it is important that you work with an experienced bankruptcy attorney who understands these exemptions. Perhaps more importantly, you should understand what the bankruptcy exemptions, what they can and cannot do and how they work.<\/p>\n
The bankruptcy code breaks your assets into several different categories such as: real property, vehicles, household items, jewelry, tools of the trade and many more. As a part of your bankruptcy petition you must list all of your assets in the appropriate category and estimate the value of the listed assets. There is then a dollar amount limit (exemption) that is assigned to each category under the bankruptcy code. You can keep all of the assets in each category providing the value of the asset does not exceed dollar limit exemption. Here is how it works: You have a car worth $10,000 but, you owe $8,000 on it, you have $2,000 in equity. Let’s say your exemption limit in the vehicle category is $2,750. Your vehicle would be “exempt”<\/strong>\u00a0\u00a0<\/em>because the equity amount is less than the exemptible limit. Conversely, if you had $3,000 in equity then you\u00a0would be over the exempt limit by $250. In this case you would have three options:<\/p>\n In most situations an experienced bankruptcy attorney will be able to protect your assets without the need for you to pay anything. This is why it is important to us an experienced bankruptcy attorney to prepare your bankruptcy.<\/p>\n\n
Which Chapter of Bankruptcy Should I Choose?<\/h3>\n