What Do I Keep When I File for Bankruptcy?
Many people are reluctant to call an attorney to file for bankruptcy, even if they are deep in serious debt, because they do not want to lose some of their most valued possessions. One of the most popular bankruptcy myths is that people who file for bankruptcy lose all of their property. This is not true.
At Walton Legal Services, our Indiana bankruptcy attorneys have helped far too many people in far too many bankruptcy proceedings to believe that myth. We can help you determine which items of your property you should be able to keep. Contact us for a free initial consultation.
Walton Legal Services: More than 30 years | More than 30,000 bankruptcies filed
Bankruptcy Exemptions
A bankruptcy exemption is simply an amount of property that the law allows a person to protect and keep from being liquidated to pay for their debts in bankruptcy. More simply, exemptions are laws that allow you to keep property in bankruptcy. The laws are pretty decent, allowing most people looking into the possibility of bankruptcy to protect a great deal of their property while still benefiting from the bankruptcy discharge.
Some examples of exemptions in Bankruptcy for married couples include:
- Home equity: Married couples can exempt up to $35,200 equity in their homes
- Tangible personal property: Married couples can exempt up to $18,700 in tangible personal property
- Tax deferred retirement accounts and earned income credits: We can provide advice to help you benefit from your tax refunds and still discharge your debts.
If you are looking for an Indianapolis debt-relief lawyer to help you find the road to financial freedom, call one of our Indianapolis law offices, call our Columbus, Indiana, office or contact us online. We offer free initial consultations, and we give you detailed up-front information about our fee arrangements, so there will be no surprises.
You may be surprised by how much you will be able to keep after filing for bankruptcy. Talk with one of our lawyers to learn more about how we can help you.
