 This is property that a debtor is entitled to keep even though the debtor is
filing a Bankruptcy. Ordinarily, when a debtor files a Chapter 7
Bankruptcy, the debtor is required to surrender all non-exempt property to the
Bankruptcy Trustee who sells the property and distributes the proceeds to the creditors. Even though certain property may not be exempt, if the property is not of significant value, it is doubtful that the
Trustee would collect the asset and proceed with a sale.
Even when a trustee claims and interest in the debtors
property, he will usually give the debtor an
opportunity to
buy the property back from the estate and retain the
property.
The following are some examples of
Exempt Assets. Please be aware that the following items are the most common
exempt assets. There may exist some exemptions that are not listed below.
Please contact us for a free in-person consultation to
further discuss your assets.
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