Your Assets and Bankruptcy Lawyers

Your Assets and Bankruptcy Lawyers By State

Frequently Asked Questions

• If I File For Chapter 7 Can I Keep Some Of My Property?
  In general, Chapter 7 bankruptcy gives up all of your non-exempt property.  Exempt property is property defined by state law which is not discharged from bankruptcy. State law varies greatly … more
• Will I Lose My House, Car, And Other Personal Property?
  Not necessarily, each state has laws that determine which items or property are exempt from being taken away. For example, many states exempt personal items such as furniture and clothing. In … more
• Will I Be Required To Sell My Assets?
  Yes. A lot of your property which is deemed a necessity will not be released, but filing bankruptcy (under Chapter 7) will often require you to give up certain types of property.  A second … more
• Cant I Just Transfer My Assets To A Friend Or A Living Trust Before I File For Bankruptcy?
  These types of transfers may be considered fraudulent and your Chapter 7 trustee may be able recover the property within a year of filing.  Factors will be considered such as the timing of the … more
• What Are Exemptions?
  11 U.S.C. º 522(b) allows an individual debtor to exempt real, personal, or intangible property from the property of the estate. State law protects exempt assets from distribution to your … more

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