QUESTION
Will I lose personal assets if I file for bankruptcy?
Asked on Oct 13th, 2012 on Bankruptcy - Tennessee
More details to this question:
If we file bankrupt, I am worried that I will lose everything
2 ANSWERS
Business Law Attorney serving Memphis, TN
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Law Office of Alan Alsobrook
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Although, Tennessee has a more creditor-friendly set of exemptions than other states, it does have a sizable personal property exemption for each individual filing. There are also other available exemptions, depending on the type of property you own, and the value of the property.
The only real way to determine what property might be at stake in a bankruptcy filing is to consult with a local bankruptcy attorney. Most bankruptcy attorneys offer a free initial consultations to determine if you qualify for bankruptcy, and to determine if bankruptcy is appropriate.
This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.
Answered on Oct 17th, 2012 at 2:38 PM
Bankruptcy Attorney serving Burbank, CA
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Law Office of Mark J. Markus
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Whether you would lose any assets depends on the value of your assets, which bankruptcy chapter you file, and what exemptions are available to protect those assets under applicable law.
Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. See more about which state's exemption laws apply and how.
The only way to determine if you would lose any assets in your situation is to have a comprehensive consultation with an experienced bankruptcy attorney in your area.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
Answered on Oct 13th, 2012 at 8:10 PM