LEGAL GUIDE
Written by attorney Thomas Patrick Gill Jr.

Will I lose my assets if I file for Chapter 7?

Certain assets are exempt under the bankruptcy code and you won't lose those assets. Assets such as your homestead, a certain amount of personal property (personal property's your money and your stuff), your retirement plans (401Ks, IRAs, pensions, other retirement plans), and a certain amount of equity in your vehicle are exempt from creditors. There are other assets that are exempt as well. If you have more assets than the ones that I have listed, please discuss them with your attorney so you can determine what you're able to keep.

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