<- Chapter 1: Introduction to Chapter 7 Chapter 3: Debts ->
This is the first question most people ask when they are in my office. Usually, the home and car can be kept. However, the amount of equity must be below the allowable exemption and the payments must be up to date. See exemption schedule for exact amounts.
An exemption is the amount of value in a given item of property that the court has determined that a person filing bankruptcy can keep. Exempted property can not be taken and sold by the creditors or the trustee. Property which is in excess of the allowable exemptions, must be turned over to the trustee.
Usually yes. "ERISA-qualified plans" are generally excluded. If you are not able to withdraw funds from the plan until retirement, the court will usually not try and liquidate your retirement plan. IRAs, CDs, and some stock plans are another matter. The court will usually require that these be liquidated. Some of the value of these may be able to be sheltered using your 'wild card' exemption. Be sure to have me examine each of your retirement accounts at your initial consultation.
Generally no. They will only wish to examine your property if they have reason to believe you have lied to the court as to the value of the property.
Yes. All debts and assets must be disclosed by law.
These items are usually considered luxury goods. There is no specific exemption for them. You may be able to keep them if we can fit their value into one of the other exemptions.
Sure, please view the exemption schedule.
<- Chapter 1: Introduction to Chapter 7 Chapter 3: Debts ->
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