Can the Bankruptcy Trustee take my stuff, and what does he do with it? (Part 2)

Other assets are also covered under state and federal laws.  Of particular interest, you (and your spouse, if co-owner) are now each protected up to $125,000 in equity in one item of real or personal property used as a residence.   In all but the highly unusual case, that recent change in the exemption laws should prevent the trustee’s interest in most residences.

Again, there’s too much covered in the exemption laws to fully discuss in this blog.  However, I can more adequately explain how exempt and non-exempt assets are treated if we meet to discuss your personal situation.

The basic idea behind the exemptions is that they allow you to keep a minimal amount of assets in order for you to live and provide for your dependents, while preventing you from keeping valuable assets that rightfully should provide your creditors at least some return on the indebtedness.  My job is to fairly and legally look to how we can protect your assets, and, if you have assets that clearly exceed what we can declare as exempt, to minimize them to the extent we are able.

If you are considering filing for bankruptcy and have concerns as to what types of property the Bankruptcy Trustee may seize and distribute to your creditors, please contact Horwitz & Horwitz, LLC, and schedule an appointment today.  We offer a free initial consultation to determine whether bankruptcy is your best option.

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About Barbara Horwitz

Barbara Horwitz is an experienced bankruptcy attorney helping people get past financial difficulties. She believes in creating a relationship with clients and is dedicated to making the bankruptcy process as easy and stress-free for clients.

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