QUESTION
When you have filed bankrupcty do you give back all of your assets when you file?
Asked on Jul 23rd, 2012 on Bankruptcy - New Jersey
More details to this question:
When you have filed bankrupcty do you give back all of your assets when you file?
26 ANSWERS
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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The trustee can only take nonexempt property in order to pay your creditors.
Answered on Jun 28th, 2013 at 10:43 PM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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No you get to claim exemptions and keep most if not all property.
Answered on Jun 28th, 2013 at 10:42 PM
Bankruptcy Attorney serving Tacoma, WA
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Brown & Seelye Attorneys at Law
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Most people keep all of their assets when they file bankruptcy. There are "exemptions" that differ from state to state and in Washington you can also choose between state and federal exemptions. During your initial consultation with an attorney that is one of the things you will discuss. They will be able to tell you what you can and cannot keep if you file bankruptcy and whether Chapter 7 or Chapter 13 is better. If you have property that cannot be exempted often times you can "buy it back" in a Chapter 13.
Answered on Jul 27th, 2012 at 10:52 PM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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In a Chapter 7, the trustee will liquidate all of your non-exempt assets for the benefit of creditors. Most debtors do not have any non-exempt assets. On the other hand, if the creditor has a security interest in your possessions, the question becomes much more complex. Is the security interest properly perfected? Will they repossess? The car is the most interesting question. If you do not make the payments, the bank can repossess it.
Answered on Jul 27th, 2012 at 8:32 PM
Daniel James Wilson
All states have different exemption laws, but in Colorado there are exemptions for cars, clothing, household goods, etc. Also depends on whether you file under Ch 7 or Ch 13. See a lawyer.
Answered on Jul 27th, 2012 at 7:51 PM
Bankruptcy Law Attorney serving Huntington Woods, MI
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Austin Hirschhorn, P.C.
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No. The bankruptcy code permits you to exempt certain of your property using either the federal bankruptcy code exemptions or the State of Michigan Exemption Laws. This and other decisions are usually made with the assistance of the attorney you hire to represent you in the bankruptcy case.
Answered on Jul 27th, 2012 at 6:11 PM
Milton Toro Marquez
Florida allows certain items to be exempt. This means there are certain things that you get to keep automatically and there is nothing the trustee can do. For example, if your car is paid off, you can exempt up to $1,000.00 of the value. There are other exemptions you can use if your vehicle is worth more than the $1,000.00.
Answered on Jul 27th, 2012 at 6:11 PM
You are allowed to keep a certain amount of assets (called "exempt" assets). For most people who file chapter 7 bankruptcy, all of the assets they have left are exempt.
Answered on Jul 27th, 2012 at 5:47 PM
William C. Gosnell
Everything above your exemptions. $10000.00 for personal property. $5000.00 for real property.
Answered on Jul 27th, 2012 at 5:46 PM
Bankruptcy Attorney serving Atlanta, GA
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Saedi Law Group, LLC
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Most of the time no but you need to review your assets with a bankruptcy attorney to confirm what property you can and cannot retain.
Answered on Jul 27th, 2012 at 5:31 PM
Bankruptcy: Creditor Attorney serving Grand Island, NE
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Milner Neuhaus & Judds
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There are a number of exemptions, depending on your State. Most often you don't lose any assets.
Answered on Jul 27th, 2012 at 5:30 PM
Generally, you keep everything you own as "exempt" when you file bankruptcy. The exemptions available to you depend on where you live and in part, when and where you file bankruptcy.
Answered on Jul 27th, 2012 at 5:29 PM
Meredith P. Ezzell
Not necessarily - the answer depends upon which chapter of bankruptcy you file.
Answered on Jul 27th, 2012 at 5:23 PM
Burton J. Green
In Florida you have what are called "exempt" assets. You keep your exempt assets. I cannot give you a full listing of these, but in general, you keep $1000. of personal property, all the equity in your homestead (home you own and live in), $1,000 of equity in 1 car, all money in IRA, 401k retirement accounts. And if you do not have or claim a homestead, you keep an additional $4,000 of personal property. There are others but these are the main one. Beyond these exempt properties, many times the trustee in your case would simply not be interested in much of your basic household property because there is no real market to sell that property. Whatever property the trustee does not claim returns to you when your case is closed.
Answered on Jul 27th, 2012 at 5:23 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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No you can keep exempted assets.
Answered on Jul 27th, 2012 at 5:20 PM
No. You are allowed to keep a list of "exempt" assets. Generally, for most of my consumer bankruptcy clients, that means everything you have. You can keep your retirement, your clothing and household goods, a car (up to a certain net value), life insurance policies, and either a house (up to $100K in equity for most) or $23,250 of miscellaneous whatever. The $23K of whatever pretty much does it for almost everyone.
Answered on Jul 27th, 2012 at 5:20 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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No, each state has a different list of exempts. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney in the state where you live before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Jul 27th, 2012 at 5:18 PM
No, you keep those assets that are exempt and those that the trustee abandons to you.
Answered on Jul 27th, 2012 at 4:34 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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No. There are certain exemptions. You really should consult with an attorney before you make a decision.
Answered on Jul 27th, 2012 at 4:30 PM
Family Attorney serving Hurst, TX
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Law Office of Eric A. Maskell
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No. Texas allows both Texas exemptions and Federal exemptions to exempt some or possibly all of your assets. You would need to contact an attorney to review what assets are exempted from the bankruptcy.
Answered on Jul 27th, 2012 at 4:30 PM
Criminal Defense Attorney serving Calabasas, CA
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Law Office of Bernal P. Ojeda
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No most assets are exempted. There are limits however. 90 percent if the time everything you have is protected and not taken over by the Court.
Answered on Jul 27th, 2012 at 4:27 PM
Bankruptcy Attorney serving Grand Rapids, MI
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David Andersen & Associates, PC
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No you do not have to give back all of your assets. You are provided exemptions (limits of the stuff you get to keep).
Answered on Jul 27th, 2012 at 4:23 PM
No. Most people who file bankruptcy end up keeping most, if not all, of their property. The analysis is different depending on the type of case you file.
Answered on Jul 27th, 2012 at 4:21 PM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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No. For most individuals most, if not all of all their assets are exempt. I suggest you talk with a bankruptcy attorney to discuss the details of your specific situation.
Answered on Jul 27th, 2012 at 4:20 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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No. You have to claim assets up to the exemption amount as exempt.
Answered on Jul 27th, 2012 at 4:20 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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No you do not have to give back all your assets. There are exemptions that can be used to keep assets. You have not stated if you are looking at a chapter 7 or a chapter 13, but either way, there are ways to protect most assets.
Answered on Jul 27th, 2012 at 3:09 PM