Filing for Bankruptcy: What Can You Protect?

The Bankruptcy Code’s automatic stay isn’t without its limitations. For example, although the bankruptcy filing can protect a tenant’s past defaults, it won’t necessarily protect any new defaults. In other words, once a tenant has filed for bankruptcy, lease payments must be made on a timely basis going forward.

Featured In. If you’re facing serious debt problems, filing for bankruptcy can be a powerful remedy. It stops most collection actions, including telephone calls, wage garnishments, and lawsuits (with some exceptions). It also eliminates many types of debt, including credit card balances, medical bills, personal loans, and more.

When you file for bankruptcy, you can protect property that you’ll need to work and live by "exempting" it from your bankruptcy case. Each state decides the property its residents can keep (it will be listed in the state’s exemptions) and whether its residents can use the:

If you are thinking about filing for chapter 7 bankruptcy, you are probably wondering how much of your personal property you will be allowed to keep once you file.Can you keep that signed painting, your coin collection, even your furniture – the thought of losing all of your prized possessions can be a very scary thought indeed.

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Transfer of assets. You risk the property more when you take it out of your name. For example, in most cases, I can easily protect a car that is paid in full when the vehicle is still registered in my client’s name. However, if my client transferred the vehicle to a friend, family member or even complete stranger before filing bankruptcy,

In addition, different states offer different acreage allowances for city and rural properties. Beyond that, the equity you have in your house also can be important to protect, because most states have an exemption allowing a certain amount of that equity to remain with the homeowner in the event that the home is sold by the bankruptcy trustee.

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Financial predators want to take advantage of you and make money off your misfortune. Here’s what you can do to protect yourself and avoid scams after you’ve filed for bankruptcy. Most people enter bankruptcy with the understanding it will be a while before they can borrow money again. However, it might not be as long as you think.