How Much Can I Keep When I File Bankruptcy?
When people decide to file bankruptcy, the first question they want answered, is whether or not they’ll be able to keep their property such as their home, their car and their 401(k). These questions are important, but they vary from state to state based on exemptions. If there is a lien on the property and the debtor can afford to make the payments and his current, most likely they will be able to keep the property when they file bankruptcy. In today’s economy, the trustees don’t want to take property that is not easily liquidated. The cost of selling it will most of the time supersede the net amount they get split amongst the creditors.
