Do I lose all my stuff if I file bankruptcy?

NO! The vast majority of my clients keep one hundred percent of their assets. The property a debtor keeps after bankruptcy is called “exempt” property. Anything that is not “exempt” is considered “non-exempt” property.

In bankruptcy, the debtor is allowed to keep a certain amount of value of “exempt” property. It it is not about keeping one car or one house, it’s all about value.

For example, the most equity in a house a family may protect (assuming under the age of 65 or not disabled) is $100,000.

For a summary of exempt assets, click on this link to seeĀ NOLO.com’s summary of exempt versus non-exempt property.

Contact our office for a free consultation to discuss your exempt versus non-exempt property issues.

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