What Can You Keep When You File Bankruptcy?

One of the biggest worries people have about bankruptcy is losing the property they have worked so hard to keep. In the vast majority of cases, however, people who file for bankruptcy lose little to no property. When you work closely with a skilled bankruptcy lawyer, you give yourself the best opportunity to move forward from financial distress while having to give up minimal amounts of property.

Families, businesses and individuals across New Jersey and Pennsylvania have put their trust in the Law Office of Robert Braverman, LLC. Our law firm is a strong resource for anyone considering filing for bankruptcy protection.

Bankruptcy Exemptions: What Are They and How Do They Work?

People who file bankruptcy are not expected to give everything they own to their creditors. The federal government allowed each state to create lists of property that is exempt from bankruptcy or to utilize federal exemptions. Your creditors will not be allowed to touch this property. If your equity in assets exceeds exemptions allowed, the property can still be retained by filing Chapter 13 and paying creditors an amount equal to the non-exempt equity.

In New Jersey and Pennsylvania, people who file Chapter 7 can choose the federal exemptions or the state exemptions. In New Jersey and Pennsylvania debtors typically use the federal exemptions. These exemptions allow debtors to protect assets up to a certain amount. Some of those exemptions and the approximate amount of exemption are as follows:

  • Residence: $25,000
  • Vehicle: $3,700
  • Household goods: $12,500
  • Jewelry: $1,600
  • Tools of the trade: $2,000
  • Wildcard up to $13,000

If you qualify for Chapter 7, our attorney will look carefully at your property and help you determine what property you can keep. You can rest assured knowing that we will give you maximum legal protection.

Contact Our Law Firm Today

Call 800-759-0767 or email us to set up your free initial consultation. We have offices in Cherry Hill, Willingboro and Philadelphia.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.