When you declare Chapter 7 bankruptcy, you must report all of your assets to the bankruptcy court. This list of assets helps the court determine what property of yours may be liquidated to help pay your creditors. However, not all of your property can be liquidated.
Exempt property is property that you get to keep even when you declare Chapter 7 bankruptcy. If you are facing insurmountable levels of debt, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, today at (239) 237-0675 to learn if bankruptcy might be right for you.
Types of Exempt Property
When individuals declare Chapter 7 bankruptcy, they may expect to lose everything. In reality, this is not the case. In fact, many bankrupted individuals end up losing no property at all. Bankruptcy courts will not leave individuals penniless or without any possessions.
Property that is usually exempted from liquidation in bankruptcy includes:
- A home
- An automobile
- Certain amounts of jewelry
- Certain amounts of money
- Gifts and court awarded money
- Tools that are essential to one’s profession
Some types of retirement accounts may also qualify for exemption, as do all types of government pensions. Additionally, exemption is not necessarily an all-or-nothing concept; individuals may be able to keep some possessions in certain amounts, having to give up anything that exceeds that amount.
You may not have to lose any of your property when you file for Chapter 7 bankruptcy. If you are considering bankruptcy, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today to learn about Chapter 7 bankruptcy, property liquidation, and more.