What Property Can You Keep in Bankruptcy?

What Bankruptcy Could Mean For Your Property

Many people believe that bankruptcy means losing everything they own. However, this is not true.

Depending on your individual situation, you could keep your home, car, and other important assets. Simon Fitzgerald LLC will take the time to review the details of your financial situation to help you figure out whether bankruptcy could benefit you. We can work to protect the property that matters to you.

You Will Keep Qualifying Exempt Property

Louisiana protects some types of property up to a certain value during bankruptcy, which can give families and individuals a chance to recover financially. This property is known as an exemption. Courts and creditors cannot take exempt property away from you in order to pay back debt during bankruptcy.

However, different people will have different exemptions available. For example, freelance professionals can keep the tools and technology that they need for work. We can explain exemptions and identify which ones you might be eligible to claim.

Other Factors That Impact Your Property

Bankruptcy could prevent foreclosure and repossession of property that you might otherwise lose. The type of bankruptcy you choose can also affect which property you will keep. Depending on the type, your property, and your debt, you might need to liquidate a certain amount of nonexempt property. However, liquidating nonexempt property is often better than letting foreclosure and debt problems continue.

Every case has a unique outcome. You can rely on our attorneys to protect your property as much as possible throughout the process.

Ask Simon Fitzgerald LLC For Legal Help

Our attorneys can work with you to estimate which property you may keep after bankruptcy. We can also help you with tax returns and other matters related to bankruptcy. For a consultation in Shreveport (Also serving the Monroe area), Alexandria, or Lafayette (Also serving the Lake Charles area), email us or call 318-868-2600 (Shreveport / Monroe), 318-625-7505 (Alexandria) or 337-984-1584 (Lafayette / Lake Charles).

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.