Properties To Keep When Filing A Bankruptcy
What types of property can I keep after filing for bankruptcy? Some people fear losing their assets during bankruptcy, but this is only sometimes the case. There are many ways to keep the property exempt after filing for bankruptcy. The first step is to talk with a bankruptcy attorney, who can help you understand your options. This can be a helpful way to protect your assets while regaining control of your finances. The second step is to determine your exemptions. Exempting A Property From Bankruptcy In some states, the law allows you to keep certain types of property when you file for bankruptcy. You can keep the types of the property depending on the bankruptcy code you file under. The main exceptions are real estate, vehicles (without liens), and business assets. Types of Bankruptcy Code There are four main types of bankruptcy codes: Chapter 7, Chapter 13, Chapter 11, and Chapter 12. The particular property is protected from creditors in each case. Your bank account and retirement f...