Exempt Property - What Can I Keep?

Property Exemptions in Morristown

Helping You Keep What Matters Most

One of the most common questions our Morris County bankruptcy lawyers receive is about whether all personal possessions will be lost during bankruptcy. You will be relieved to know that almost everyone we represent in bankruptcy will keep everything they own, and the only thing they truly lose is their debt. This freedom from credit card debt, medical bills, and unsecured loans is extraordinarily empowering, and, with our help, it is more than possible.

Let Us Help Evaluate Your Assets

We will conduct a thorough review of your assets as the initial step. We will discuss the risks related to property that could be impacted by filing for bankruptcy. If you own a second home, several vehicles, valuable jewelry, or works of art, you may need to file Chapter 13, but in most cases, our clients lose nothing other than debt. We can help you weigh all your options and provide guidance that is based on facts—not myths. Almost all our clients are eligible to file Chapter 7 and lose nothing but debt.

Property such as expensive boats, vacation real estate, or time-shares are the types of assets that are considered luxury and non-essential. Therefore, they are subject to liquidation.

The Good News

Fortunately, essential items are generally untouched when you declare bankruptcy.

Here is a list of items that many of our clients have claimed as exempt:

  • Family cars
  • Furniture
  • Clothing
  • Household items
  • Home computers
  • Equity in your home (to a specified dollar limit under federal bankruptcy law)
  • Retirement savings, including 401(k)s and individual retirement accounts

Why Choose Us?

We draw on decades of experience and provide dedicated representation to help you protect your 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 decisions and move toward a future free from overwhelming debt. Because we focus exclusively on debt relief and bankruptcy law, you can be confident that we will do everything possible to protect your property and help you get a fresh start.

Ready to begin a new chapter? Contact our firm at (973) 363-2260 or request your free consultation online.

Past Clients Tell Us Their Stories

  • “Our first impression made us feel comfortable to talk to. They were willing to listen to our situation. They explained everything so we could understand and advised us which way we should go. We ...”

    - Dennis & Mary H.
  • “They were always understanding of our concerns and patient with our questions. Thank you all!”

    - Ann R.
  • “One that is there to help instead of someone who will treat you like another number. 5 stars isn't enough.”

    - M.H., Chapter 7 Client
  • “'m am very grateful to have hired this firm. It was smooth and now I can breathe again. Thank you, everyone, at Ast & Schmidt.”

    - Rich L.
  • “It's nice to know there are still qualified and concerned people in the world today.”

    - Patty R.

What Sets Us Apart

How We Can Help You 
Move Forward
  • Personalized Services Tailored for You
  • Over 30 Years of Bankruptcy Experience
  • Free Initial Consultations
  • Available After Hours by Appointment
  • Direct Advice from Our Attorneys
  • Realistic Expectations Provided

Begin Your Fresh Start

Our team has over 30 years helping clients.  Let us help you.
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