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.

Why Choose Ast & Schmidt, P.C.?

  • Personalized Services Tailored for You
  • Over 25 Years of Bankruptcy Experience
  • Free Initial Consultations
  • Available After Hours by Appointment

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

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

  • "..Thank you Ast and Schmidt for all that you do!"
    I have personally used Ast & Schmidt and have recommended them to friends and family members as well. Robert and Antoinette are always responsive, timely, and available to go over any questions or concerns I might have in what could be an otherwise stressful process. I can confidently say that I 100 percent trust Robert's guidance and quality of work. He and the staff go above and beyond to make sure I understand all of my options as well as the process from beginning to end. Antoinette always makes me feel comfortable when I call with questions and Robert's guidance and services have truly been a blessing in helping me transition out of some rough times so that I could move forward in my personal and professional endeavors. I can not recommend this firm highly enough. You will be well taken care of. Thank you Ast and Schmidt for all that you do!
    - Rena Z.
  • "Throughout our experience with Ast & Schmidt, my husband and I were treated with the utmost respect and compassion."
    Throughout our experience with Ast & Schmidt, my husband and I were treated with the utmost respect and compassion. Whenever there was a question (even during COVID), Rob Schmidt was most accessible and helpful to us during this difficult time. We would recommend them to anybody who is undergoing financial challenges. Everyone associated with the company is attentive and a pleasure to deal with, even regarding the most trivial matters. Certainly, when addressing the complicated issues that arise during legal proceedings, Ast & Schmidt provides seamless and impeccable attention to every detail.
    - Iris G.

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.

Your Fresh Start Begins Here

Contact Us Today

We’re Ready to Help
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.
  • By submitting, you agree to be contacted about your request & other information using automated technology. Message frequency varies. Msg & data rates may apply. Text STOP to cancel. Acceptable Use Policy