Can I keep my personal property if I file for bankruptcy? 5 Answers as of July 22, 2010

Can I keep my personal property after I file for bankruptcy?

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David Nelson
David Nelson | David Nelson
The bankruptcy trustee who will be assigned to your case is only looking for equity. Equity is the value of the item of property minus the loan against it. You are allowed to keep a certain amount of equity, and if the equity you have is greater than the amount you get to keep, then he takes the excess, liquidates it and pays it to your creditors.

Call me, to go over details of what you own to see if you can keep it.
Answer Applies to: California
Replied: 7/22/2010
Klinger Law Center
Klinger Law Center | Linda Klinger
Generally speaking, depending on the value of your assets, you will be able to keep most, if not all of your personal belongings, including cars and homes. However, the applicability of state exemptions is complex area of bankruptcy law and needs to be addressed more extensively. We invite you to come in for a free, no obligation consultation to meet with one of the attorneys to discuss your whole financial picture and the options available to you.
Answer Applies to: California
Replied: 7/15/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
You can protect personal property up to a certain value.
Answer Applies to: California
Replied: 7/15/2010
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