Full Video Transcript
When you file for bankruptcy under Chapter 7 your assets come under the protection of the court, and you may very well lose some of them. However, certain assets are exempt under state or federal laws. The exemptions can often be complex, and state and federal laws vary, but exemptions include things like some of the equity in your home, pension and retirement benefits, tools of the trade, insurance and automobile, some jewelry and certain other personal property. However, almost always the exemptions are limited to a certain dollar amount. Often you can select between various exemption options when filing bankruptcy, and therefore have some control over what you get to keep. For more information about exempt assets in bankruptcy, contacting attorney in your area today.