Exempt Assets in Bankruptcy
Helping You Identify and Preserve Your Exempt Assets
Don't let the title of the law "Chapter 7 - Liquidation" mislead you into believing that you will have to give up all of your assets in order to obtain the elimination (discharge) from your unsecured debts. Almost all of the clients that I have represented as a Chapter 7 bankruptcy attorney over the last 34 years have been able to keep all of their household goods and furniture, their automobiles if that was their preference, and, in most cases, the home that they owned.
Before deciding whether or not to file a Chapter 7 bankruptcy, it is advisable to consult with a bankruptcy lawyer to discover which, if any, assets might have to be surrendered and which may be retained.
Contact me today to schedule a meeting at my Ephrata, Pennsylvania, office. If my office hours of 9 a.m. to 4:30 p.m. do not work for you, I am willing to schedule an evening appointment.
Congress Has Provided Very Generous Exemptions So You Can Get a Fresh Start
Secured assets, such as a house with a mortgage or a car subject to a loan are treated differently than assets not subject to a creditor's lien. Secured assets can generally be retained provided the equity in the asset is less than the exemption amount given by the law, the creditor agrees, and the owner is willing to re-pay the debt. If the balance of the debt is significantly higher than the value of the asset, the debtor may choose to give up the asset and have the debt discharged.
Most things not subject to a lien can generally be retained thanks to the exemption amounts provided in the law. There are even "wild card" exemptions that allow debtors to retain assets that may be worth more than the exemption amount provided for that specific type of property.
Let My Experience Work for You
I have been counseling clients for 34 years, helping them determine what assets they can retain and how to best use their exemptions. Once we agree on a plan, I will make certain that the bankruptcy petition includes all legal exemptions so as to protect the maximum number of assets.
If you would like to discuss a possible chapter 7 bankruptcy and how it might affect your assets, call 717-842-4467 or toll free 888-633-8853 to schedule a consultation. I will apply the initial consultation fee to the total cost for your bankruptcy if you decide to file.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
