| In most cases, you will be able to keep your possessions when you file for bankruptcy. The bankruptcy laws allow you to keep a certain value of property where the value is based upon the debtor’s equity in the property. This property can be anything from household goods, bank accounts, jewelry, electronics, computers, etc. The type of property doesn’t matter as much as its value. The amount of property you can keep or that is considered exempt depends on a number of factors, for example, whether you own a home or rent. The majority of debtors who file Chapter 7 and Chapter 13 bankruptcy cases are able to keep all of their property. This is commonly referred to as a no-asset case. Your bankruptcy attorney will be able to tell you what property you can keep and what property may not be exempt. |
