What assets
do I have to include in the bankruptcy?
When
you file bankruptcy, you must file a
schedule describing all of your
assets.
In
Chapter 7, these assets, as well as
certain other property to be received in the
future, become the property of the
bankruptcy estate, unless you are able to
claim these assets as
exempt. The
bankruptcy
trustee controls the property of the estate
and may use it to satisfy your creditors.
In
Chapter 13 you are allowed to keep all
your property, including property of the
estate, because you are repaying something
to your creditors through a
plan.
Some types of property are exempt from the
bankruptcy estate. These
exemptions often
depend on your personal circumstances and
the lists of exemptions differ substantially
from state to state. To ensure that as many
assets as possible can be exempted you
should consult an attorney.
For
more information about bankruptcy, please
call us at 408-294-6100, or e-mail us via
info@sjconsumerlaw.com. One of our
attorneys will be able to answer any questions
which you may have in greater detail. Please
remember that the foregoing information is of a
general nature, and does not constitute legal
advice. The facts of each situation are unique,
and we must discuss those facts with you before
any advice can be given.
