Q: Can I Keep my Property if I file for Bankruptcy?
Answer: Usually you can keep your property if you choose to file for Chapter 7 or Chapter 13 bankruptcy. Certain property is called “exempt” (that means protected) assets. You are allowed to keep those items that are exempt when filing for bankruptcy protection. The concept behind exempt items is that you will need certain basic items in order to make a successful fresh start after declaring bankruptcy. Contact a Mesa, Tucson, Tempe, Glendale, or Phoenix, Arizona bankruptcy lawyer today to get clarification what property you are able to keep when you file for bankruptcy.
Sometimes, if you have an item that is not able to be protected or “not exempt” when filing for bankruptcy in Arizona, legal pre-bankruptcy planning may be necessary to convert the value of the item into a form that is able to be protected. One of our competent bankruptcy lawyers at the My AZ Lawyers will be able to explain this to you if needed depending on your unique circumstances.
Most people that we meet with during their FREE initial consultation have a home, a car, household items, and retirement accounts, all of which are usually exempt when filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy protection in Phoenix, Tucson, Flagstaff, Chandler, and Maricopa, Arizona. Remember, you are allowed to keep your exempt assets when filing for bankruptcy in Arizona.
Very few people that we meet during their free initial bankruptcy consultation have any non-exempt property. It doesn’t happen very often that we meet someone who has non-exempt assets. Therefore, the vast majority of people we meet will be able to retain thier assets and all of their property. Your experienced Arizona Bankruptcy Lawyer will help you determine exempt and non-exempt property and how to keep your assets.