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Can I keep my stuff if I file for bankruptcy?

Even while dealing with overwhelming and insurmountable debt, many Tennessee residents do not file for bankruptcy because they fear that taking this step will require that they give up their property. In reality, you may be able to keep most of your assets and still enjoy the benefits of seeking bankruptcy protection.

Depending on which chapter of bankruptcy you file for, certain types of property and assets may be exempt. If fears over losing what is most important to you is holding you back from taking an important step toward a stronger financial future, you would be wise to seek the counsel of an experienced bankruptcy attorney.

Understanding exempt and non-exempt property

If you file for Chapter 7 bankruptcy, you will be able to keep certain assets up to a certain dollar amount. Chapter 13 bankruptcy allows you to repay debts over time, which can allow you to keep certain valuable assets, such as your home and vehicles.

What you will be able to keep depends on the unique factors involved in your individual bankruptcy case. In many cases, the following types of property may be exempt:

  • Needed clothing
  • Vehicles worth under a certain dollar amount
  • Necessary household goods and furnishings
  • Pensions
  • Jewelry under a certain dollar amount
  • Appliances
  • Tools of the trade
  • Damages awarded from a personal injury case
  • Public benefits
  • Certain amount of equity in the home

While you will likely be able to keep the things that are important and necessary for your daily life, in some cases, it is possible that you will have to surrender certain assets. Non-exempt assets generally include the following:

  • Valuable collections
  • Valuable musical instruments
  • Stocks, bonds and savings accounts
  • Cash
  • Second or vacation homes
  • Second vehicles
  • Certain family heirlooms

One of the most common bankruptcy-related myths is that a person will have to give up all valuable property in order to achieve financial freedom, but that is not the case.

What you need for a strong financial future

If you are facing overwhelming debt and dealing with threats from creditors and lenders, you could benefit from the protections offered to consumers through bankruptcy. While it is not the best choice in every situation, this option allows you to deal with your debt and make harassing creditor contact stop.

You can learn more about this option and take the appropriate steps that allow you to secure a strong financial future by seeking a case evaluation with a legal professional experienced in consumer bankruptcy cases.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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