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 so you can make smart decisions regarding your financial future. When assessing your case, one of the first things I will 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 types of 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
During your first conversation with me, we will review what assets you have and what exemptions will apply to your financial circumstances in a Chapter 7 or Chapter 13 filing. 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 my online contact form. You can also use my online scheduling service to arrange a 30-minute phone consultation by clicking here. I also offer 45-minute phone appointments that you can schedule here. Instead of taking on your debt burden and other financial issues by yourself, 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.