If you are thinking about filing a Chapter 7 Bankruptcy, then you have come to the right place. Many people often wonder if they can file for bankruptcy even though they have property. In bankruptcy terms any property you own, is called an “asset”. An Asset is anything you own that has value that the Trustee could sell to pay back your creditors.
When you file a Chapter 7 New York bankruptcy most of your debts are forgiven if you are approved a discharge. If you are worried that the bankruptcy Trustee will sell all of your stuff, you should not be worried. Trustees can only sell property that is not covered by an exemption. Luckily, the bankruptcy Court realizes that people should be entitled to basic necessities in order to live. So, the Trustee is probably not going to take your mattress, or your utensils etc. The Trustee only wants things that are easy to sell. So a car or a house that has value then yes! the Trustee may want it. If you own a car or a house don’t be so quick to think that the Trustee will definitely take it. Speak with an experienced New York bankruptcy lawyer who can help you determine if your property will be safe. New York provides for different homestead exemptions that allow you to keep your Real property if you are planning to file for bankruptcy. There are also other exemptions that allow you to keep Assets in a Chapter 7 New York bankruptcy. Some assets that may be exempt are:
- Retirement Accounts;
- Household Goods and furnishings;
- Vehicles;
- Jewelry;
- Clothing, Apparel;
- Electronics;
- Money;
- Bank Accounts;
- Tools for the Trade;
If you have any of these items you should speak with a New York bankruptcy lawyer to make sure your property falls under the exemption. A property will fall under the exemption if the value of the property is less than the exemption.
Remember that the trustee is not out to get you — they will only take your property if they believe they will get money for it.
Even if you do not want to include your property in your bankruptcy, you still need to tell the Court about EVERYTHING you own. If you fail to list any property on your petition and the Trustee finds out, your stuff can be taken. A good Staten Island bankruptcy lawyer can help make sure that your property is safe.
Karra L. Kingston Esq. has filed many bankruptcy cases for people who have assets in Staten Island, Brooklyn, Queens, New York City, and New Jersey . They are knowledgeable in what assets you can keep and what assets the Trustee will be interested in taking from you. Give them a Call today to determine if filing a New York bankruptcy is the right option for you.