What Do I Get to Keep?
Filing for Bankruptcy Does Not Mean You Lose Everything You Own
“What can I keep in bankruptcy?” It’s one of the first things people want to know when they are considering their debt relief options. Lenders and creditors have done an excellent job of convincing debtors that they will lose everything they own if they file for bankruptcy. In fact, this is one of the most common myths about bankruptcy.
The Bankruptcy Code was not written to leave you out on the street with nothing. It was written to give you a fresh start without excessive debt weighing you down. The law allows for you to keep certain critical assets necessary for you to live a normal life. This is commonly referred to as exempt property.
Depending on whether you choose the federal or state exemptions, the assets you are able to keep may include the following:
- Household furnishings
- Retirement accounts
- Government benefits
- Tools needed for your occupation
- Your business
- Wild-card exemptions which may be used for any property
Finding the Right Solution for Your Needs
Even if your creditors are currently pursuing repossession or foreclosure actions against you, filing for bankruptcy will put a stop to them and give you the opportunity to keep your car and home. At the law offices of Oliver & Legg, we understand how troubling it can be to face financial hardship and not understand your options. We will take the time to review your situation and your assets to determine the best debt relief solution for you.
What Personal Assets Can You Keep in Bankruptcy? Ask a Toms River Attorney.
With offices in Toms River and Neptune, our New Jersey lawyer will help you understand your rights with regard to property exemptions. Evening and Saturday appointments are available. Call local: 1-866-974-1136 or fill out our contact form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.