Bankruptcy
Overview
Check Pricing
3-Step Process
Why LegalZoom?
Education Center
Bankruptcy Education
FAQ
Glossary

LegalZoom Customer Support (800) 488-1800

Bankruptcy Education Center
Home | More Legal Documents | Bankruptcy

Bankruptcy


8. Personal Property Exemptions and Other Assets

When you file for bankruptcy, the court will allow you to keep certain personal items of nominal value. Every state has different laws regarding what you can keep. But in general, you can keep a small amount of jewelry (ranging from $2000 to $7000), health aids, animals, crops, appliances, furnishings, books, musical instruments, and other nominal pieces of property.

Get your free bankruptcy evaluation today

Personal luxury items such as expensive watches, furs, paintings and jewelry must be disclosed and will probably be sold by the trustee.

Pensions are generally exempt from bankruptcy and so are ROTH IRAs and Keoghs. Insurance benefits are also usually exempt, as are tools of trade.
 
LegalZoom Newsletter
Sign up for our free monthly newsletter and receive periodic special offers.
Choose Another Document
About Us | Contact Us | Press | Careers | Articles | Privacy | Affiliates | Small Business Resources | Sitemap | 800-773-0888

Click here for our full disclaimer. Click here for site directory.
Member Of

ABOUT SSL CERTIFICATES