How do I determine if I should file for bankruptcy or not if I have a non exempt asset?

It depends on the asset.

What is the nonexempt asset?

Depends on the type of asset seek an appraiser.

The current market value as of the filing date will need to be listed on Schedule B for any asset. Sometimes, the "current market value" is determined by the use of an expert appraiser or accountant.

Having a non-exempt asset does not necessarily mean you should not file bankruptcy. However, you should know the likely result before you make the decision so that there are no surprises. Losing an asset might not be so bad. Surprises are always bad. The question is a tad more complex than you might think. It depends not just on a particular asset but on your assets as a whole. First question is whether you own a home (in which you live) that has equity. If the answer is yes, then you can exempt $50K, $100K or $200K depending upon whether you are a single, a couple (or a single with 1+ minor children), or an over-65 or disabled. Beyond that, in general, all household goods, almost all pensions, including 401s and IRAs, are exempt, there is a car exemption of $2550 (equity value and, yes, we all know it is woefully out of date, write your Sacramento representatives and tell them, again) and other exemptions. If you are not a homeowner with 20K plus in equity, then a whole different list of exemptions applies. The key exemption is a "wild card", meaning anything in the world, including cash in the bank. The wild card is $23,250 and, for most clients of mine who do not own a home, covers everything. If you do own more property than you can protect, if the unprotected property is cash or money in the bank, you lose it, but if it is something else, say a car or a house, you can buy back the unprotected portion from the bankruptcy trustee so you don't lose it. If the trustee does sell your property, for example a car, and you have the $2550 car exemption on it but it sells for more than that, the trustee has to give you $2550 off the top. Buy a good do-it-yourself bankruptcy book or get one at the public library and go over the complete list of available exemptions (and remember it is either list A or list B, not one from this column and one from that) and carefully plug what you own into every hole. If you do that and you still end up with serious questions, you need a lawyer to help you. Some bankruptcies can be do-it-yourself affairs. Others, if you do it yourself, you are playing with fire and can get hurt, badly. Remember also that if you file a chapter 7 you cannot just back out if you don't like the result. So think it all out ahead of time and, if you need help, get help.

First of all we need to know what you are talking about. You need to set up a consultation with a bankruptcy attorney in order to get a question like this answered fully.