When filing your Bankruptcy case, you must disclose a list of all your assets. This information is to be referenced on Schedules A and B of your bankruptcy petition. After all, if you have a coin collection worth $100,000, you should really sell that in order to pay off at least a percentage of your debt to others. In that case, you should file a Chapter 13 case, which allows you to keep all of your assets and pay off at least a percentage of your debt.
However, the average family can keep hundreds of thousands of dollars of assets while filing a Chapter 7 Bankruptcy case, because many assets are protected, or “exempt”, from the Bankruptcy case.
What Assets are Protected in Bankruptcy?
● A vehicle worth up to $4,425 for each spouse
● Home furnishings
● Some bank accounts up to $22,000 per family
● Retirement accounts
● Tools required for your job or profession
● Household appliances
● Public benefits
If you are unsure if your assets are exempt from the bankruptcy estate, you should consult with a bankruptcy attorney. An attorney may be able to advise you if your property can be exempt, how much property may be exempt and whether or not marital property is exempt (if you file for individual bankruptcy).
If you wish to retake control of your financial future, it may be time to consider filing bankruptcy. For assistance, contact an experienced bankruptcy attorney today.