What Can I Keep If I File Bankruptcy?

When looking for an attorney to guide you through the bankruptcy process, one of the first questions that may come to mind is, "What can I keep if I file for bankruptcy?" Although there are plenty of myths out there surrounding Chapter 7 and Chapter 13 bankruptcy, the truth is that most debtors retain a majority of their property and possessions, thanks to numerous state and federal bankruptcy exemptions.

Bankruptcy Can Help You Keep Your Home

At Cheryl Bergian Law Office, I look to clear away misconceptions and supply the necessary information to make smart decisions regarding your financial future. When assessing your case, one of the first things I do is determine what property and assets will be protected through state and federal bankruptcy exemptions.

The equity you have in your property and other factors will ultimately determine what you are allowed to keep. Some common exemptions in North Dakota and Minnesota bankruptcy cases include:

  • Homestead (home or other real estate)
  • Automobile
  • Household goods including furnishings, clothing, jewelry and tools
  • Insurance proceeds as well as a specific cash value of life insurance policies
  • IRAs
  • 401(k)s
  • Qualified pension plans
  • State retirement benefits
  • Social Security benefits
  • Certain child support and spousal maintenance payments

From your first conversation with me, you will have the chance to ask questions about the bankruptcy exemptions offered by Chapter 7 and Chapter 13 filings. Additionally, I will explain other bankruptcy benefits provided by the automatic stay, such as putting a stop to foreclosure proceedings, silencing creditors, ending wage garnishment and suspending any pending lawsuits brought against you by your creditors.

A Local Firm Helping Clients Throughout The Red River Valley

For a free initial consultation at my Fargo, North Dakota, law office, call 701-297-2501 or take a moment and complete the online contact form. Instead of taking on your debt burden and other financial issues on your own, let an experienced lawyer stand with you as you pursue a fresh start.

My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.