What are Exempt Assets?
After filing for Chapter 7 bankruptcy, some of your assets may be sold in an effort to raise funds to pay your creditors for the debts you have incurred. The law provides protection to certain kinds of property, including:
- Tools you require for work
- Vehicles valued under a certain threshold amount
- Certain family heirlooms
- Clothing and other essentials
These items are considered to be “exempt” and are therefore not subjected to bankruptcy sale. The specific exemptions that are available vary from state to state and each person’s situation is different. It should be an encouragement to note that in the majority of cases, a debtor does not have to sell anything in a bankruptcy sale.
Speaking to a qualified legal representative about your case is the best option for attaining the help you need. For more information regarding your bankruptcy options contact the Florida bankruptcy attorney at the law offices of Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675.