What Happens to My Property in a Bankruptcy?
When bankruptcy becomes a possibility, people grow fearful of what may happen to their property. It is important to seek out accurate guidance and information about bankruptcy and how it will affect your property if you are considering filing for bankruptcy. The Law Office of Joseph M. Annutto located in Nashua New Hampshire can determine what property you have and what may be exempt as the bankruptcy process goes forward.
Filing for Exemptions
Filing for bankruptcy exemptions is the best way to protect property. However, if your house is already in the foreclosure stage, it may be liquidated as part of the bankruptcy settlement. For those who are behind in payments or not in foreclosure, the homestead or residential property exemption may be of benefit. This allows a homeowner to exempt up to $120,000 of equity.
What Other Property is Exempt?
Other personal property may be exempt when you file for bankruptcy. Personal property including clothing and bedding can be exempt, as can beds for family members. Appliances such as a stove and refrigerator can be exempt. Tools of the trade, up to $5,000, and sewing machines can be also. Other property that can be saved from liquidation include: military gear and uniforms, books, fuel up to $400, and certain types and numbers of livestock. The livestock that may be exempt are 1 pig, 1 hog, 6 sheep, 1 cow, and 1 oxen. Jewelry up to $500 may also be exempt.
Intangible property may also be exempt when you file for bankruptcy. This can include tax exempt retirement accounts and life insurance policies. Grave plots may also be exempt.
Resources: U.S. Bankruptcy Court
Experienced Bankruptcy Attorney for NH
How bankruptcy will affect property can vary from person to person. It is important to have clear-headed and experienced legal guidance when bankruptcy is being pursued. Our firm understands this may be the most difficult time for you and your family. We will answer questions and investigate what property you have. Then, we will help you protect that property in any way possible. Let us help guide you through the process and work toward regaining your financial footing while holding onto as much hard-earned property as possible. Contact us today to speak with one of our experienced bankruptcy attorneys. Free Consultations. 603-881-9161.