What Assets Can I Keep In A Bankruptcy?
At LaRese Law we handle bankruptcies for clients in Southbury and throughout surrounding Connecticut communities.
Many of my clients worry that by filing for bankruptcy, they will lose all of their assets. Typically, this is far from the truth. In a Chapter 7 bankruptcy, many assets are exempt.
Understanding Bankruptcy Exemptions
Under Connecticut bankruptcy laws, you may be able to exempt your property in a chapter 7 bankruptcy filing.
When you file, you have the right to choose either the Connecticut exemptions or the federal exemptions. In some cases, the Connecticut exemptions are more favorable, in some, the federal. Only with a full understanding of your assets, debts and overall financial picture can I advise you on which set of exemptions will best suit your purposes.
Remember, bankruptcy exemptions only come into play in a Chapter 7 bankruptcy. In Chapter 13 bankruptcy, the person who files typically does not lose property.
Keeping Your House And Car
Of all the types of property people are concerned about losing in bankruptcy, homes and cars typically rise to the top of the list. In most cases, people who file for bankruptcy get to keep these items. Accurate valuations of your property help ensure maximum use of all available exemptions for you. We can assist in this regard when evaluating your options.
Talk To A Lawyer About Keeping Your Property In A Bankruptcy
My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.