How much of my assets am I allowed to keep after bankruptcy? 29 Answers as of July 11, 2013

I plan on filing for personal bankruptcy, but was wondering how much of my assets I am allowed to keep… if any.

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
Exemptions vary from state to state. You should contact a local attorney, most provide free consultations.
Answer Applies to: Washington
Replied: 6/22/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
That depends on the exemptions laws of whatever state applies in your case. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Answer Applies to: California
Replied: 6/21/2011
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
Depends on where you are. Each state has its own list of assets, and some use either Federal or State. Virginia allows $5,000 in equity per spouse and $500 per dependent, $6,000 equity in a car (as of July 1), Wedding and engagement rings, $2,000 in clothing, $5,000 in furnishings and household goods. I hope you're going to see a lawyer. Smartest, safest way to go, and actually saves you money.
Answer Applies to: Virginia
Replied: 6/20/2011
The Northwest Debt Relief Law Firm
The Northwest Debt Relief Law Firm | Thomas A McAvity
The answer hinges on what state or federal bankruptcy exemptions are available to you. This question can be speedily resolved with any bankruptcy attorney in your area.
Answer Applies to: Oregon
Replied: 6/20/2011
Shmucher Law, PL
Shmucher Law, PL | Ofer Shmucher
Most people have a misconception that if they file for bankruptcy they won't be able to keep any of their assets. Realistically a debtor is usually allowed to keep a number of items including their home, their cars, IRA, 401k, and other personal belongings. The assets you will be able to keep depend on what state you live and the type of bankruptcy you are filing. Depending on your state you should research that state's bankruptcy exemptions to determine what you will be able to keep.
Answer Applies to: Florida
Replied: 6/20/2011
    Law Offices of Alexzander C. J. Adams, P.C.
    Law Offices of Alexzander C. J. Adams, P.C. | Alexzander Adams
    Asset retention is based on either state statute or the federal exemption statute. Depending on which state you live in, you will get a different exemption schedule. In Oregon, the exemptions are fairly low.
    Answer Applies to: Oregon
    Replied: 6/20/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    You will be allowed to keep as many assets as you have exemptions. The amount will depend on whether you choose to use the federal exemptions or your state exemptions.
    Answer Applies to: New Hampshire
    Replied: 6/20/2011
    Law Office of David P. Farrell
    Law Office of David P. Farrell | David Farrell
    Many if not most people who file chapter 7 bankruptcy keep all of their personal property. How much of your property you keep in bankruptcy depends on how much of it is exempt under state law. If all of it is exempt, you keep it all; if only a portion of it is exempt, the nonexempt portion is sold by the trustee and the sale proceeds are distributed among your creditors. You should really considering hiring an attorney to represent you in bankruptcy.
    Answer Applies to: California
    Replied: 6/20/2011
    Law Office of Asaph Abrams
    Law Office of Asaph Abrams | Asaph Abrams
    It's state-dependent.
    Answer Applies to: California
    Replied: 7/11/2013
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    This completely depends on the exemption laws in your state which you'll either have to look up or consult with an attorney to find out.
    Answer Applies to: California
    Replied: 6/20/2011
    Law Offices of John J. Ferry, Jr.
    Law Offices of John J. Ferry, Jr. | John J. Ferry, Jr.
    You should sit down with a bankruptcy attorney to discuss this. You can retain a certain amount of property of several different types. This is your exempt property. For most people, this will include all your household goods, a significant amount of equity in a home, some miscellaneous property, a vehicle or two, etc. A bankruptcy attorney can help you determine if your property is within the exemption limits.
    Answer Applies to: Pennsylvania
    Replied: 6/20/2011
    Lakelaw - Loop Bankruptcy
    Lakelaw - Loop Bankruptcy | David Leibowitz
    Whatever is exempt under applicable law which varies from state to state. You also get to keep assets which are encumbered by debt as long as you are paying the debt. However, if you have equity in the asset, the trustee could sell the asset to realize on the equity unless that equity is less than the exempt amount covered in your state.
    Answer Applies to: Illinois
    Replied: 6/17/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    If you do it correctly you probably won't lose anything. There are several exemption schemes available in California. It would take a half hour to explain them all to you. Do yourself a favor. See a lawyer.
    Answer Applies to: California
    Replied: 6/17/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    Most debtors end up keeping all of their assets. Check with a local bankruptcy prior to filing to make sure you do not own any assets over the exemption limits.
    Answer Applies to: Washington
    Replied: 6/17/2011
    The Law Office of Brian Nomi
    The Law Office of Brian Nomi | Brian H. Nomi
    Depends. You can keep a lot of home equity in a homestead exemption, from $75K to $150K. Or $21K of various personal property. For further information, its best to consult with an experienced attorney. Any good attorney will give you a free initial consultation.
    Answer Applies to: California
    Replied: 6/17/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    27K in personal assets in CA with unlimited protection for other assets.
    Answer Applies to: California
    Replied: 6/17/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    There isn't a set amount of assets. There are exemptions which allow you to keep items. It is much easier to discuss in the context of your actual assets. If you are in my area, please contact me for a free consultation.
    Answer Applies to: California
    Replied: 6/17/2011
    Jackson White, PC
    Jackson White, PC | Spencer Hale
    It depends on the state you live in. If you live in AZ you can call me and we can discuss some of the exemptions. There are a lot, but items are specific and they are limited in value and quantity.
    Answer Applies to: Arizona
    Replied: 6/17/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    You should consult with a bankruptcy attorney to determine what assets you can claim exempt. In California the exemptions are found in the Code of Civil Procedure Section703.140 etc.and Section 704 etc. Check on the Internet or the law library.
    Answer Applies to: California
    Replied: 6/17/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    That depends on if the value of the assets, if there are any liens on the property and if the application exemptions in your state will protect all of your equity in any assets. If you are not aware of this now, you should consider using an attorney to make sure you claim the exemptions available to protect your assets. If you don't the Trustee would be able to take assets you could otherwise protect.
    Answer Applies to: California
    Replied: 6/17/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    That is a complex question that would require a several page answer that cannot be answered without an itemized list of what you own, a list of what you owe on what you own, and what state you are in (every state has a different answer), all things your attorney will know after he looks over your information.
    Answer Applies to: Georgia
    Replied: 6/17/2011
    Benson Law Firm
    Benson Law Firm | David Benson
    That depends on your exemptions.
    Answer Applies to: Ohio
    Replied: 7/11/2013
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