What Can I Keep In Bankruptcy?
Almost everyone who files for bankruptcy worries about losing property. Many are not aware of the numerous bankruptcy exemptions under Tennessee and federal law available to most filers.
At the Law Office of Rich & Rich in Memphis, bankruptcy attorneys Charles Rich and Ryan Rich will put the law to work for you. That means using exemptions to protect your most valued assets, removing a major point of stress from your bankruptcy filing.
We Can Help You Make The Right Choices
For most filers, their top worry is about keeping their home. Under Tennessee’s homestead exemption, a single homeowner can exempt up to $5,000 in equity, joint filers can exempt up to $7,500 and filers who have a minor child in the house can exempt up to $25,000 in equity in the home. In most cases, this will allow you to stay in your home.
Other assets exempted for bankruptcy filers include:
- Up to $10,000 in equity in a car using the “wild card” exemption
- Retirement benefits
- Workers’ compensation, Social Security, veterans benefits and other disability benefits
- Up to $1,900 in “tools of the trade” necessary to run a business
- Life insurance proceeds
- Personal collections
Whether you file for Chapter 7 or Chapter 13 bankruptcy will affect what exemptions you can use. For example, a Chapter 13 filing will give you time to catch up on back mortgage payments. We will closely examine your financial situation and put our more than 40 years of experience to use to help you protect what you value most.
Do Not Spend Down Your Retirement Savings
Because retirement accounts are exempt from your bankruptcy filing, you should avoid spending your retirement savings to try and retire your debt. If you do this and you still have to file for bankruptcy, you will not get that money back. This could mean delaying retirement or losing out on financial security at a later age. Talk to us first about your options under the Bankruptcy Code.
Schedule A Free Consultation With A Bankruptcy Lawyer Today
We welcome the chance to put your mind at ease about the bankruptcy process and how we can help find a solution that allows you to move on with your life. To learn more, schedule a free, confidential consultation at our office in Memphis by contacting us online or by calling 901-201-6163 or 866-935-6740.