Excerpt from Chapter 9 – “Do I Lose Everything I Own When I File for Bankruptcy and What Property Can I Protect?”

Bankruptcy – We Wrote the Book on It By Ronald C. Sykstus and the Bond and Botes Team of Lawyers

Excerpt from Chapter 9 – “Do I Lose Everything I Own When I File for Bankruptcy and What Property Can I Protect?”:

Clients who come to our office often worry whether they will lose
any or all of their property if they file for bankruptcy. It is a very rare
occurrence where a person who files for bankruptcy will actually lose
any of his or her property. There is a concept called exemptions, which
is the specific allowance under either federal or state law that sets forth
a certain amount of property of all types (personal property, clothing,
tools of the trade, automobiles, retirement assets, etc.) that people are
allowed to retain when they file for bankruptcy, being that the property
is exempt from creditors. It may also be dependent upon which chapter
of bankruptcy a person elects to file or whether that property is secured
by a lien. A few of our attorneys explain these exemptions below, along
with some general comments as they relate to the concept of exemption.

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