1. to hold on to as many assets as they can and
2. to be discharged from their debt.
2. to be discharged from their debt.
As far as the assets they can maintain, in most cases, people will have the option of retaining almost all their assets or property.
There are, of course exceptions to this, which would depend on different factors such as:
a.) Do you want to keep the asset?
b.) Do you need the asset?
c.) If there is a lien on the asset, such as you owe money on your home or car, are you up to date with payments and can you continue to make payments?
d.) Is there equity in the asset? In other words, is the asset worth more than what you owe against it?
e.) What portion of the equity can you protect?
b.) Do you need the asset?
c.) If there is a lien on the asset, such as you owe money on your home or car, are you up to date with payments and can you continue to make payments?
d.) Is there equity in the asset? In other words, is the asset worth more than what you owe against it?
e.) What portion of the equity can you protect?
The best way to determine which assets you are allowed to keep in bankruptcy is to meet with an attorney and review your situation. Your goal should be to receive a discharge of your debts while being able to protect as many of your assets as possible.
