Our experienced legal professionals understand that filing for bankruptcy can be overwhelming, especially if you are concerned you will lose all of your assets. Although you might have to sell certain assets to repay your creditors, you won’t necessarily have to sell everything you own to resolve your debt. Under the bankruptcy code, there are certain assets and property that are exempt from liquidation. Below, we explain what qualifies as a nonexempt asset in a Chapter 7 bankruptcy.
Nonexempt Assets
The following assets are generally considered nonexempt assets in a Chapter 7 bankruptcy:
- Cars with too much equity (amount varies)
- Jewelry (wedding rings are exempt)
- Valuable artwork
- Valuable collections
- Expensive musical instruments
- Expensive clothing
- Investments
- Property with equity that’s not your primary home
If you are considering filing for Chapter 7 bankruptcy, you may need to be willing to let some of your assets go so that you can repay your debt. Every case is unique; in some circumstances items which may be exempt for one person, may not be exempt for another. Our skilled bankruptcy lawyers can review the details of your case and help you gain an understanding of which nonexempt assets may be liquidated in your bankruptcy in order to pay your creditors.
Schedule a Consultation with Our Bankruptcy Lawyers
Do you have more questions about filing for bankruptcy? Our attorneys at The Buchalter Law Group have been providing debt relief solutions for clients for more than 45 years, and we are prepared to use our skills and extensive resources to assist you. We know that dealing with your financial troubles can be very stressful, which is why we are here to guide you through the entire bankruptcy process from start to finish. We know which strategies to use to help our clients regain their financial footing, and we will do everything we can to help you move forward with your life.
Call us today at (321) 320-6088 to set up your free case review with our bankruptcy attorneys.