Keeping Your Assets

The Bankruptcy Code allows for most assets to be "exempted" and considered safe from the reaches of the Trustee. During our meeting, we will discuss all of your assets and what is allowed to be kept. It is extremely important for you to be honest when disclosing assets, because if you fail to mention an asset and we don't exempt it properly then it is free for the Trustee to take. Below is a list of common exemptions, however, this is not a complete list. There are many exemptions that the law allows. To talk about your assets, contact me today!

Non-exempt property is seized by the Trustee and is liquidated by the Trustee in a Chapter 7 to provide a fund to pay claims of creditors. However, the Trustees sometimes elect not to administer (that is, collect and sell) assets that have little non-exempt value because the costs of doing so will consume the dollars collected. So, the Trustee may simply elect to allow the debtor to keep assets that have only a small amount of non-exempt value. The asset is deemed abandoned back to the debtor.

Common Exemptions

Here are few of the most commonly used exemptions:

House	Automobile	Household Goods
Jewelry	Tax Refund	Tools of the Trade
Clothing	Pensions	Life Insurance
Recreational Vehicles	Bank Accounts	Stocks/Interest in Business

There are many other exemptions that the Bankruptcy Laws allow, and the value of your property can also be included.

Contact Pete today so that we can discuss your unique situation.