Q: I have assets of 400000 and debts of 700000 Can I use the 400000 of Assets in any way if I file bankruptcy?
A: Some assets are exempt from bankruptcy. Whether you retain control over any non-exempt assets depends first on the type of bankruptcy you file. If you file for Chapter 7, you will not likely have any use of the non-exempt assets. If you file for Chapter 11 or 13, a lot depends on how you would use the assets. For example, if the assets are part of a business, you may be able to retain them in order to operate the business under a plan to pay off your debts. You will need to discuss your situation confidentially and in more detail with an attorney to determine your best course of action.
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