Keeping property after filing for bankruptcy

Most of my clients get to keep everything they own when they file for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Minnesota.

This includes cars, houses, retirement savings, and even cash.

The property which a debtor keeps is called exempt property.

In Minnesota a debtor can choose from two lists of exempt property: a Federal list, and a Minnesota list.

Your experienced Minnesota bankruptcy attorney will discuss your options for keeping property after filing for bankruptcy so that you keep as much of your property as possible.

Generally you can keep:

Your car
Your house (up to a certain value)
Your clothes
Your furniture
Your household goods
Your retirement savings or pensions

What else is on the Federal List?

If you choose the federal exemption list, you can even protect:

Cash
Savings accounts

If you file with the federal list, then you also may be able to:

Get back garnished wages or levied bank accounts after filing your bankruptcy

The exemption lists are difficult to understand and apply to your property.

A good Minnesota Bankruptcy attorney will help you navigate them and make sure that when you file your case all of your property is protected.

This is one of the many advantages of hiring a bankruptcy attorney to file your bankruptcy, as they will be able to tell you immediately what property is protected, and make a plan for any unprotected property you might have.

WHAT TO DO NEXT

If you’re worried about what you can keep if you file for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy in Minnesota, then why not not speak to us now at 612.824.4357?

We’ll give you all the help and advice you need.

Alternatively, fill out our free Bankruptcy Evaluation Form to see if filing for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy in Minnesota is right for you.

We’re looking forward to helping you.

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