What Property Can I Keep When I File for Bankruptcy?
This is a common question that individuals ask when considering bankruptcy as a debt relief option to their unmanageable finances.
I'm Robert A. Schwartz, and I can help you understand what property of yours is exempt during bankruptcy. Contact me today.
For more than 30 years, I have been serving the residents of Rochester, New York, as a bankruptcy attorney skilled in assisting individuals and families with difficult decisions regarding their financial future.
Identifying Exempt Property
When you contact my law office in Henrietta, I can address any questions you have about what property you can keep if you file for Chapter 7 or Chapter 13 bankruptcy. Together, we will identify assets that are exempt, including:
- Cash, bank accounts and tax refunds with a total value of up to $2,500 per person
- A home with a total equity value of up to $50,000 per person provided that an individual cannot claim both a homestead exemption and a cash/bank account exemption
- One car per person with a total equity value of up to $2,400
- Household furniture with a value of up to $5,000
- Clothing
- Pension plans, 401(k) plans, 403(b) plans, deferred compensation plans and most other employer-related retirement accounts
- IRA accounts
During our consultations, we will also discuss what type of property may be liquidated in order to pay back some of your debt. Understanding if you qualify for Chapter 7 bankruptcy or Chapter 13 bankruptcy will make it easier to prepare for your financial future.
Contact Robert A. Schwartz Today
Are you wondering what property you can keep during bankruptcy? Contact Rochester bankruptcy exemptions lawyer Robert A. Schwartz today at 585-487-8347, or contact him online. The law office of New York lawyer Robert A. Schwartz is located in Rochester, New York. Business hours are 9 a.m. to 5 p.m. Monday through Friday.
