Practice Overview
What Can I Keep?
Property Exemptions
Property exemptions are items the government says you can keep even though you file a bankruptcy case. If you are considering bankruptcy, you might worry that you’ll have to give up every asset that you have in order to walk away from the debt. However, you are likely to keep all of the things that are important to you even if you file bankruptcy. At the law firm of Frego & Brodsky, PLC, we will help you keep your assets by using the property exemptions allowed under the bankruptcy laws. Most of our clients keep everything they want to keep in bankruptcy.
Some of the types of assets you are likely to retain include (but are not limited to) the following list.
- Cash / Savings
- Furniture
- Clothing
- Jewelry
- Vehicles
- Tools of your trade
- Your home and equity in your home
- 401(k) plans
- Other possessions or personal items
- Pets
- Retirement plans such as pensions and TSPs (thrift savings plans)
There is one very important aspect of property exemptions which changed in the 2005 revisions. The exemptions that you may be eligible for are the exemptions set in place by the state in which you lived two and a half years ago (sounds crazy, but it’s true!). For example, if two and a half years ago you lived in Tennessee but now live in Michigan and are filing bankruptcy, the Tennessee bankruptcy exemptions apply to your case, not the Michigan exemptions. You need experienced bankruptcy attorneys to help you navigate through this process!
If you are worried about losing an asset if you file for bankruptcy, contact our office today to set an appointment with a member of our bankruptcy team to discuss your situation. We at Frego & Brodsky, PLC, pride ourselves on assisting you through the debt relief process while still maintaining your dignity. A free case evaluation is available for you to meet with a lawyer at our office to discuss your options.
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