What can I keep?
BANKRUPTCY WILL ALLOW YOU TO KEEP THE PROPERTY YOU NEED
The fear of the unknown often stands between people and the debt relief they need. It is important to have knowledgeable advice about the property you can keep (i.e. exemptions). At the law firm of Scheier Katin & Epstein, P.C. we provide people with information about the property you are allowed to keep under bankruptcy laws.
When you file for bankruptcy, you are entitled by law to a number of exemptions. The U.S. Bankruptcy Code and, to some extent Massachusetts law, recognizes the need to retain a house, a car, furniture and other essential assets when obtaining relief from debt – and you can keep them up to a certain, amount of value.
ASSETS YOU CAN KEEP
There are exemptions for:
- Your pensions, your 401 (k) and IRA accounts as well, as 529 savings for your children
- Jewelry and cars
- Up to $500,000 in equity in your primary residence if you have lived in it for more than three and a half years
Bankruptcy will relieve you of most, if not all, of your debt and will enable you to retain the assets you need to continue living and working, provided that you can continue to afford your mortgage and car payments once the burden of your other debt has been alleviated. The details vary from one person to another but being relieved of your debts does not require you to be left in a destitute situation. Talk to a Scheier Katin & Epstein, P.C. Know the truth about bankruptcy and how it can help you and your family.
Our law firm was founded on the idea of helping people through transitions. Financial difficulties are challenging hurdles to overcome. We have helped many individuals and families through bankruptcy. Contact us and let us know how we can help.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.