This includes cars, houses, retirement savings, and even cash.
The property which a debtor keeps is called exempt property.
In Minnesota a debtor can choose from two lists of exempt property: a Federal list, and a Minnesota list.
Your experienced Minnesota bankruptcy attorney will discuss your options for keeping property after filing for bankruptcy so that you keep as much of your property as possible.
Generally you can keep:
- Your car
- Your house (up to a certain value)
- Your clothes
- Your furniture
- Your household goods
- Your retirement savings or pensions
What else is on the Federal List?
If you choose the federal exemption list, you can even protect:
- Savings accounts
If you file with the federal list, then you also may be able to:
- Get back garnished wages or levied bank accounts after filing your bankruptcy
The exemption lists are difficult to understand and apply to your property.
A good Minnesota Bankruptcy attorney will help you navigate them and make sure that when you file your case all of your property is protected.
This is one of the many advantages of hiring a bankruptcy attorney to file your bankruptcy, as they will be able to tell you immediately what property is protected, and make a plan for any unprotected property you might have.
WHAT TO DO NEXT
If you’re worried about what you can keep if you file for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy in Minnesota, then why not not speak to us now at 612.824.4357?
We’ll give you all the help and advice you need.
We’re looking forward to helping you.
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