Annapolis, MD asked in Bankruptcy for Maryland

Q: What assets will I be able to keep if I file for bankruptcy?

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3 Lawyer Answers
Andrellos Mitchell
Andrellos Mitchell
Answered
  • Bankruptcy Lawyer
  • Washington, DC

A: All assets that are exempt under the applicable sections of the bankruptcy code.

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: There are federal and state exemptions that cover all the various items you may retain when filing bankruptcy.

Mark David Nusz
Mark David Nusz
Answered
  • Bankruptcy Lawyer
  • Bellingham, WA

A: Many debtors in Chapter 7 get to keep all of their assets. As long as they can afford to keep them, debtors in Chapter 13 usually get to keep all of their assets. What you can keep in Chapter 7 all depends on what you have and the exemption laws that you can use to protect your assets. Some folks can only use their state's exemption laws - others get to choose either the Federal or the their state's exemption laws. Finally, some states have limited the exemptions available to only those available under Federal law. Which set of exemptions you may use depends on which state you reside in - and which state you have lived in for a period of time to qualify you for usage of that state's laws pertaining to exemptions. You should see a bankruptcy attorney to determine what you can keep and which set of exemption laws you will be able to use.

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