Attorney David M. Siegel Advises
There are many questions surrounding the filing of bankruptcy. One important question relates to how much property one can keep and still file for bankruptcy protection.
Bankruptcy Filing Question
1. How much property can I keep after filing?
Chapter 7: State exemptions are available in the form of wearing apparel, retirement accounts, tools of trade, household goods, and an automobile with limited equity. The thinking behind these exemptions is to ensure that debtors in a bankruptcy are able to file without giving up the essentials of living. In addition, there are also federal exemptions that provide a debtor with even more protection in assets such as a home, but it is important to note that all non-exempt assets will be surrendered when filing for bankruptcy enabling the trustee to use those assets to pay off unsecured creditors.
Chapter 13: Filing for bankruptcy under Chapter 13 differs from that of a Chapter 7 in that a debtor will not have to surrender any property. Chapter 13 presents debtors with an opportunity to repay their debts over a reasonable period of time. Of course, the debtor must have the means to do so or the non-exempt assets will once again be seized by the trustee.
Chapter 7: State exemptions are available in the form of wearing apparel, retirement accounts, tools of trade, household goods, and an automobile with limited equity. The thinking behind these exemptions is to ensure that debtors in a bankruptcy are able to file without giving up the essentials of living. In addition, there are also federal exemptions that provide a debtor with even more protection in assets such as a home, but it is important to note that all non-exempt assets will be surrendered when filing for bankruptcy enabling the trustee to use those assets to pay off unsecured creditors.
Chapter 13: Filing for bankruptcy under Chapter 13 differs from that of a Chapter 7 in that a debtor will not have to surrender any property. Chapter 13 presents debtors with an opportunity to repay their debts over a reasonable period of time. Of course, the debtor must have the means to do so or the non-exempt assets will once again be seized by the trustee.
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Bankruptcy Attorney David M. Siegel
9-19-07 appearance on FoxNews commenting on the current foreclosure crisis and how bankruptcy can be a solution
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Bankruptcy Filing Links
- Chapter 7 Bankruptcy
- Information regarding Chapter 7 Bankruptcy.
- Bankruptcy Lawyers New York
- Bankruptcy information for New York.
- Bankruptcy Lawyers Dallas
- Bankruptcy information for Dallas.
- Bankruptcy Lawyers Los Angeles
- Bankruptcy information for Los Angeles.
