What Property Can I Keep In Bankruptcy?

Many people hesitate to file bankruptcy out of fear that they will lose their prized possessions. You may wonder whether you can keep property like your furniture, collectibles or your vehicle.

The good news is, the Bankruptcy Code does allow you to keep certain property. State and federal exemptions apply to certain assets and belongings. At Nowack & Olson, our attorneys can help you determine what property is eligible under these exemptions, then protect that property throughout the bankruptcy process.

What and how much you can keep depends on what types of property you have, their value and the exemptions you use. Some property you may be able to keep include:

  • Homestead – Bankruptcy filers may file a homestead declaration for real estate property that they occupy. This may include a home, trailer or mobile home. The property cannot exceed a half acre if it is located in an urban area.
  • Personal property – A limited amount of personal property may be kept during the bankruptcy process, including federal income tax refunds, health aids and $1,000 worth of vehicles.
  • Insurance – Certain insurance benefits, such as death benefits and proceeds from annuity contracts, may be exempt in bankruptcy. This also includes pensions.
  • Public benefits – Crime victim compensation, Social Security and unemployment benefits are just a few of the public benefits that you may be able to keep in bankruptcy.

Contact Us To Arrange A Consultation

Offices In Fort Lauderdale, Miami And Palm Beach, Florida

For more answers to your bankruptcy questions, please call us at 888-813-4737. Our lawyers look forward to helping you protect your rights and assets.