Exempt Property: What Can I Keep?

What property will I lose if I declare bankruptcy? At the Morristown law office of Ast & Schmidt, P.C., this is one of the most common questions we hear from potential clients. Many of these people have delayed or avoided filing bankruptcy because they were worried that their possessions would be taken away. They are relieved to discover that almost all of our clients who file for bankruptcy are allowed to keep everything that they want to keep through the long list of exempt property.

Serving people throughout New Jersey, our law firm is dedicated to protecting our clients' interests throughout the bankruptcy process. We conduct a thorough review of your assets and will talk to you about any risks of the loss of property due to the bankruptcy. If you could potentially lose property, we will let you know.

Generally, the people who stand to lose these things are people who own luxury items — expensive boats, vacation properties or time-shares. These may be liquidated to pay for debts or merely surrendered to avoid any further payment.

When you declare bankruptcy, there are many things that you can generally keep:

  • Equity in your home to a specified dollar limit that is modified periodically
  • Family cars
  • Furniture
  • Clothing
  • Household items
  • Home computers
  • Retirement savings, including 401(k)s and individual retirement accounts

Contact A Morristown Exempt Property Attorney

We use more than 25 years of experience to provide clients with the information and dedicated representation necessary to protect their rights and property. When you work with us, you will receive personalized attention that puts your interests and goals first. We are here to help you make informed and confident decisions, so that you can move toward the future free from overwhelming debt.

To get started, call Ast & Schmidt, P.C., at 973-984-1300 to schedule a free, initial consultation with an experienced bankruptcy lawyer. You may also simply complete our online contact form.

We offer flexible hours — Monday through Friday — with all meetings by appointment. Evening meetings are available. Our office is conveniently located across the street from the Morris County Mall, and we have off-street parking.

Ast & Schmidt, P.C., is a debt relief agency. We help individuals file for bankruptcy relief under the Bankruptcy Code. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.