What properties can I protect when filing for bankruptcy? 15 Answers as of June 07, 2012

What properties can I protect when filing for bankruptcy?

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Rosenberg & Press
Rosenberg & Press | Max L. Rosenberg
Depending on where you file there is a home equity exemption in your state for certain amount money in Connecticut is $150,000 if it's a couple of two and they both own the house, for one person is $75,000. You also have a wildcard with certain amount of money in it as well depending on which statutes state or federal exemptions you opt to take. You would be best advised to consult with an experienced bankruptcy lawyer who knows what they are doing and you can cover more than one property possibly
Answer Applies to: Connecticut
Replied: 6/7/2012
Law Office of Susan G. Taylor
Law Office of Susan G. Taylor | Susan G. Taylor
It depends on which exemption scheme you can utilize. If you've been in Texas more than 2 years you can utilize either the Texas or Federal exemption scheme.
Answer Applies to: Texas
Replied: 6/6/2012
Compass Legal Group | Kelly Stairs
There is a list of categories of property, but additional property not in a pre-defined category can also be saved. The details of that procedure will be taken care of by your bankruptcy attorney.
Answer Applies to: California
Replied: 6/5/2012
Law Office of Pho Ethan Tran PLLC
Law Office of Pho Ethan Tran PLLC | Pho Ethan Tran
In Texas, you can protect your home, retirement accounts (401k, pensions, etc.), and $60K worth of personal property (household goods, clothing, electronics, automobile, jewelry, tools of the trade, books/art, etc.)
Answer Applies to: Texas
Replied: 6/5/2012
Macey Bankruptcy Law
Macey Bankruptcy Law | Adela D. Estopinan
A debtor can protect any property, real or personal, that is exempt under the law. In Florida, most debtors can protect their homes, personal belongings and cars.A competent bankruptcy attorney wcan review your assets and give a more definitive response.
Answer Applies to: Florida
Replied: 6/5/2012
    The Law Offices of Deborah Ann Stencel | Deborah A. Stencel
    Most people can protect their personal property within reason (clothing, furniture, some jewelry, some hobby equipment, certain cars). The rules vary state to state so you should discuss your particulars with an attorney near you.
    Answer Applies to: Wisconsin
    Replied: 6/5/2012
    The Smalley Law Firm, LLC | Cary Smalley
    Most individuals are able to exempt all of their property when filing for bankruptcy. I suggest you consult with any attorney to discuss the details of your specific situation.
    Answer Applies to: Kansas
    Replied: 6/5/2012
    R. Jason de Groot, P.A
    R. Jason de Groot, P.A | R. Jason de Groot
    In Florida, the exemptions are in the Constitution and Statutes. They include the homestead, $1,000 worth of personal property, retirement funds, annuity contracts, and $1000 in equity in a single motor vehicle. These are the most common ones used and there are more.
    Answer Applies to: Florida
    Replied: 6/4/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If you have no equity than a trustee is not likely to bother with that property, if you have equity on a primary residence then you get a homestead exemption and if it is an investment property with equity than you may want to file a chapter 13 to protect that property.
    Answer Applies to: New York
    Replied: 6/4/2012
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    That depends on what you own, and you chose not to tell us what that is.
    Answer Applies to: Georgia
    Replied: 6/4/2012
    Alvin Lundgren | Alvin Lundgren
    Most of your personal property can be protected, however, if you have property with significant value and equity. that property may be taken by the trustee to pay unsecured debts.
    Answer Applies to: Utah
    Replied: 6/4/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    You can protect a certain amount of value in assets, about $27,000 including all assets or you can protect equity in a home. The amount of equity you can protect depends on whether you are single or married, or have dependents.
    Answer Applies to: California
    Replied: 6/4/2012
    Olson Law Firm | Edward M Olson
    There is a federal list of exempt assets, and a state list. You may choose one or the other.
    Answer Applies to: Michigan
    Replied: 6/4/2012
    Law Office of D.L. Drain, P.A.
    Law Office of D.L. Drain, P.A. | Diane L. Drain
    It depends on the state where you live, or have lived for the last 2 years. Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
    Answer Applies to: Arizona
    Replied: 6/4/2012
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