Yes, you can likely exempt your property. Check your state's exemption amounts.

Answer Applies to: Washington
Replied: 1/17/2012

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Assets are protected by applicable exemptions. Most people who file bankruptcy keep their possessions.

Answer Applies to: Indiana
Replied: 1/8/2012

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First of all, see a lawyer. This is not a pro se project. If you have no income you cannot do a 13. Many people keep all or some of their assets in a 7 and the best way to maximize that is to use a lawyer.

Answer Applies to: Georgia
Replied: 12/30/2011

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In bankruptcy cases certain assets are exempt from execution by creditors of your Estate or your case Trustee. While the Bankruptcy Code contains exemptions, in some States, such as Illinois, exemptions are set by State law instead of the Bankruptcy Code. Ilinois exemptions include $4,000 miscellaneous assets or cash, $15,000 per filer as to equity in a home, up to $2,800 in motor vehicles, etc. in short, even liquidation does not require that debtors give up everything.

Answer Applies to: Illinois
Replied: 12/30/2011

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You get to keep all exempt assets. Get a free consultation with an experienced bankruptcy attorney to get a better idea of what you can keep. 95% of the bankruptcies I file are no-asset cases (that means that the debtors do not lose any assets).

Answer Applies to: Colorado
Replied: 12/29/2011

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Florida allows 1K in personal property, 1K for car, and an additional 4K for any asset if you're not claiming homestead exemption. Chapter 7 is effective and fast, however, if you have too much asset you might want to consider Chapter 13 unless you can pay the trustee the difference between the value of your assets and the allowed exemption.

Answer Applies to: Florida
Replied: 12/29/2011

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Chapter 7 is technically a liquidation proceeding. This means that the trustee will sell all non-exempt assets. Most cases are what are called "no asset" cases. In other words there are no non-exempt assets for the trustee to sell. In this sense, chapter 7 as a liquidation proceeding is a misnomer. Check with a bankruptcy attorney before filing to determine whether all your assets are exempt. If too many assets are not exempt you may want to consider filing chapter 13. Chapter 13 requires regular income. Sources of regular income can include unemployment benefits, among others.

Answer Applies to: California
Replied: 12/29/2011

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Chapter 7 has two exemption systems. Therefore, there are certain assets that you will be able to keep even if you file bankruptcy. However, you will need to consult with an attorney who can walk you through and explain which exemptions are best for you.

Answer Applies to: California
Replied: 12/29/2011

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No. You will almost never lose all of your assets in a bankruptcy case. Although, A Chapter 7 case is often referred to as a liquidation proceeding, in 99% of all consumer (non business) case, the term is a misnomer and the debtor will keep all assets. You need to consult with a qualified bankruptcy attorney to analyze your exemptions to determine if the assets can be kept.

Answer Applies to: Texas
Replied: 12/29/2011

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Generally no. There are exemptions in your state that can be used to protect all or much of your assets.

Answer Applies to: Oregon
Replied: 12/29/2011

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The laws provide you with exemptions by which you can exempt certain property up to a certain dollar value. Going through all of those here would be too voluminous and time-consuming, but more likely than not, you will not lose any of your property in a bankruptcy. However, you need to be sure on that which means you're going to have to do some research, or contact a local bankruptcy attorney such as myself who can guide you through the process. Most of the time, our consultations are free. Why not take advantage of that? That way, it gets done right the first time.

Answer Applies to: California
Replied: 12/29/2011

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There's a lot of stuff on the internet about BK; not all of it is accurate. In a Ch 7 much of your property will be exempt. That means you will not have to surrender it to the trustee. Every state has different exemptions. In Colorado you are allowed to keep $5000 worth of car, $60,000 of home equity and so on. Consult with a BK attorney. An experienced attorney will be able to help you shelter as much of your assets as possible.

Answer Applies to: Colorado
Replied: 12/29/2011

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Exemptions usually allow you to keep most, if not all, your assets.

Answer Applies to: Ohio
Replied: 12/29/2011

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Generally people keep all of their assets. See a lawyer for a free consultation. You have not disclosed what you own, there is a "wild card exemption" of $23,500.00 which can be added to the general exemptions.

Answer Applies to: California
Replied: 12/29/2011

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Chapter 7 allows you to keep certain assets depending on their value. Only if the value exceeds the allowance do you risk losing the asset. It would be wise to speak with a bankruptcy attorney to discuss what you have, and if it will be except.

Answer Applies to: California
Replied: 12/29/2011

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Whether you qualify for a Chapter 13 is dependent upon your available assets and debts. What assets are available as part of your bankruptcy estate, regardless of which chapter you file, will be determined which set of exemptions, Federal or (if available in your state) state, are used. It is possible your assets could be 100% exempt. You should consult with a bankruptcy attorney to determine exactly which of your assets would be liquidated and which would be exempt.

Answer Applies to: Massachusetts
Replied: 12/29/2011

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You are able to protect assets in a chapter 7 bankruptcy, but there is a limit. So, the question becomes what kind of assets do you have and how much are they worth? If you are not familiar with the exemptions you are able to take, you will need to consult an attorney. Some exemptions are designed to protect equity in a residence. This is your homestead exemption other exemptions, are designed to protect other assets such as stocks, cash, value in cars, and other personal property. So the main issue is always do you have value in real estate or are your assets personal property? Depending on the answer, you must pick the exemptions that fit you case. You cannot mix and match the different exemptions. Again, if you do not know which ones you need to use you will have to hire an attorney.

Answer Applies to: California
Replied: 12/29/2011

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The majority of people who file for bankruptcy protection are able to exempt all of their assets and don't lose anything. You need to sit down with a bankruptcy lawyer and go over everything you own to find out if it is exempt.

Answer Applies to: Minnesota
Replied: 12/29/2011

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Only assets that are not covered by an applicable exemption or exclusion from the estate under federal bankruptcy law (such as a qualified retirement plan) are subject to liquidation. If property is secured by a valid lien, then the value which is covered by the lien cannot be liquidated. It is therefore important to consult with a qualified attorney, rather than attempting to handle a possible "asset" bankruptcy case yourself. Trying to save $1,000.00 - $1,500.00 now may cost you dearly. Also, it is possible to file a chapter 13 case with no personal income, such as if you have family assistance available, such as the income from a non-filing spouse.

Answer Applies to: Ohio
Replied: 12/29/2011

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You are entitled to a lot of exemptions in a chapter 7, so I would suggest reviewing your assets with an attorney to insure that they are all protected to file a chapter 7. If your assets exceed your exemption amount, then you may want to consider a chapter 13.

Answer Applies to: New York
Replied: 12/29/2011

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Yes exempting out assets is a very important part of a Chapter 7 bankruptcy. Exemptions are based on the Georgia code. This is one of the many reason you should hire an attorney to represent you in the bankruptcy.

Answer Applies to: Georgia
Replied: 12/29/2011

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You will be able to keep all of your exempt assets. In the overwhelming majority of chapter 7 cases, trustees don't sell your basic living assets because you can claim exemptions to protect them.

Answer Applies to: Illinois
Replied: 12/29/2011

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It depends upon the value of all your assets.

Answer Applies to: California
Replied: 12/29/2011

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If you hire an experienced bankruptcy attorney, they will know whether to elect federal or state exemption statutes and exactly which specific statutes to elect in order to exempt your property. Do not file without an attorney or you very well may wipe out your assets. Thanks for tuning in.

Answer Applies to: Connecticut
Replied: 12/29/2011

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There are a set of exemptions available when filing for bankruptcy, including a wild card exemption, which will allow you to keep come or even all your assets depending on the value of the estate. Check with a bankruptcy attorney to help you preserve allowed assets.

Answer Applies to: California
Replied: 12/29/2011

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Look at the Illinois exemptions to determine whether or not your assets are exempt. The main ones are: $4000 wildcard exemption for all personal property, $2400 vehicle exemption, and $15,000 homestead exemption.

Answer Applies to: Illinois
Replied: 12/29/2011

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You are not wiped out in bankruptcy. There are exemptions for vehicles, personal possessions such as clothing, jewelry, tools and furniture, homes with equity, bank accounts, etc. There are limits as to how much you can exempt of course but the limits are generous in California. You need a consultation with a bankrutpcy lawyer. Listening to people who don't know is dangerous. If you have unexempt assets and want to keep them then you must pay the value of those assets in a Chapter 13. People who are unemployed may qualify for Chapter 13 if they have a regular sourse of income such as unemployment, disability or social security. The income does not have to be from employment. It just needs to be something that will continue for a while and be regular on the average. It seems like you are misinformed about bankrutpcy so do yourself a favor and consult with a bankrutpcy lawyer. Most lawyers offer a free initial consultation.

Answer Applies to: California
Replied: 12/28/2011

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No. You will be able to exempt assets under Chapter 7 using the state exemptions or the federal exemptions.

Answer Applies to: North Carolina
Replied: 12/28/2011

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Most people do not lose any property when they file. You have specific exemptions available to you under either CCP 703 or CCP 704. It is fairly easy to determine if you have an asset issue.

Answer Applies to: California
Replied: 12/28/2011

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The only assets that could be liquidated are ones that exceed your exemptions. In Washington State, you can elect to use Federal or State exemptions, depending on which are most advantageous to you. In most instances, people do not lose any of their assets as te fair market values of your furniture, vehicles, personal effects, etc are less than the exemption values.

Answer Applies to: Washington
Replied: 12/28/2011

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If you have an exemption you can claim for the full amount of the value or the equity in an asset, then that asset is not sold. You would need to find out what the exemptions are in the state where you live or if you can use the federal exemptions to know if you have an exemption, and if you do, if you have enough dollar amount of exemption available.

Answer Applies to: California
Replied: 12/28/2011

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No, all of your assets will not be liquidated if you file bankruptcy. It is possible that you may need to do some bankruptcy planning for asset protection. You will need some guidance for that issue and there is nothing illegal or improper about planning prior to bankruptcy so that you will not lose something which you wish to keep or need.

Answer Applies to: Florida
Replied: 12/28/2011

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Most individuals assets are exempt when filing for bankruptcy. Since you are unemployed you would likely be eligible for Chapter 7 bankruptcy. Generally your house, car, and most, if not all, household items will be exempt in bankruptcy.

Answer Applies to: Kansas
Replied: 12/28/2011

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New York offers generous bankruptcy exemptions that protect most, if not all, of a chapter 7 debtor's assets. These include $150,000 in equity for a house for each person filing or $5,000 in cash for each debtor. These also include exemptions for household goods and furnishings, clothing, computer, a wild card exemption to use on any personal property, etc. You also have the option to choose the federal exemptions over the state exemptions as well. You need to really speak with a local, experienced bankruptcy attorney about your options as it is too complicated and outside the scope of an email or an online forum.

Answer Applies to: New York
Replied: 12/28/2011

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You can usually keep all of your property in a Chapter 7. In Maryland you can keep up to 12,000 in personal property and up to 21,000 in home equity. You can also keep all of your retirement.

Answer Applies to: Maryland
Replied: 12/28/2011

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There are many exemptions which can allow you to keep a significant amount of your property. Perhaps all of it. The services of an experienced attorney can be of great help in keeping the greatest amount of your property.

Answer Applies to: California
Replied: 12/28/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.