Pennsylvania & Federal Bankruptcy Exemptions
In short, a Chapter 7 bankruptcy discharges unsecured debt and liquidates non-exempt assets to pay off creditors. While it can be a useful debt relief option, many people fear that they will lose all of their property and assets during the process. This is a myth. In fact, many of those filing Chapter 7 bankruptcy discover that many of their assets fall under state and federal exempt property categories. If a property is exempt, it cannot be liquidated.
The Law Offices of Michael S. Schwartz can help put your fears to rest regarding Chapter 7 bankruptcy. We will tell you the truth about bankruptcy as we guide you on the path toward a healthier financial future.
Call us at 866-584-7966 toll free or contact us online to schedule a free consultation with a Southampton or Havertown bankruptcy exemptions attorney.
What Can I Keep in Chapter 7 Bankruptcy?
The answer to this question depends on whether we adhere to Pennsylvania's bankruptcy exemptions or the federal bankruptcy exemptions in a Chapter 7 filing. While there are some benefits to state exemptions — such as being able to exempt your entire house if it is owned jointly with your spouse — in general, in most cases, it is more advantageous to use federal exemptions.
Assets you can keep under federal bankruptcy exemptions (with some limitations) include:
Residential Real Estate
- Household goods and furnishings
- Vehicles
- Musical instruments
- Personal injury or wrongful death compensation
- Jewelry
- Alimony and child support
- Disability and unemployment benefits
- Life insurance policies
- Job-related assets, such as books, tools or other items needed for work
- IRAs and Roth IRAs
. We will review your situation and tell you exactly what property is exempt in your case.
Free Consultation With an Attorney
For a free consultation with the Law Offices of Michael S. Schwartz, call 866-584-7966 toll free or send us an e-mail to speak with a lawyer.
We have offices in Southampton, Havertown and Perkasie to serve you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
