What Do I Get to Keep When I File for Bankruptcy?
Many people are hesitant to file for bankruptcy because they fear that they will lose everything they own in the process. Fortunately, most people do not lose any property when they file for bankruptcy. The idea behind the bankruptcy laws is not to take everything you have to repay your debts. They were designed to give you a fresh start.
When you file for bankruptcy, the law allows you to keep certain critical property that is necessary for you to live a normal life. This is referred to as exempt property. At the Price Law Firm, our lawyers represent clients in all types of consumer bankruptcy matters, including Chapter 7 and Chapter 13. When you hire our firm, we will explain your debt relief options and make sure that you understand the rules regarding property exemptions in bankruptcy.
Understanding Property Exemptions
Among the property you may be able to keep after bankruptcy is a home and a car. If you are going to keep them, however, you will need to repay any past due amounts and be able to continue making the payments on them after you receive the discharge at the end of your bankruptcy.
In addition to a home and a car, the following may also be included in your exempt property:
- A house
- A car, up to a certain value
- Household furnishings
- Jewelry, up to a certain value
- Your 401K and other retirement accounts
- Social security benefits and public assistance payments
To learn more about your bankruptcy options, contact the Price Law Firm. From our offices in Altamonte Springs in the Orlando-Kissimmee metro area, we represent clients throughout central Florida. To schedule a free consultation with an attorney, call 407-834-0090.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.