In a typical bankruptcy you are allowed to declare certain assets to be excempt from the bankruptcy. Typically you will be allowed to keep your house (though you may be forced to downsize), a car (again,you may be force you to downsize), and up to a certain limit of other assetts that can be declared except.
The details for exemptions can be given to you by <a href="http://www.bolinskelaw.com/">Minneapolis bankruptcy attorneys</a>.
If creditors believe the person is trying to remove funds from accounts to keep them from bankruptcy proceedings; creditors can petition the court to freeze all accounts/assets. A bank cannot arbitraily seize account funds unless the depositer has a loan with the bank which includes a set off provision. Even then the bankruptcy trustee can request the funds be returned and included as assets in the bankruptcy.
if your legally married when you file bankruptcy, you must include every single asset including the spouses. depends on what type of bk you file. you may be able to keep your assets.
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.
Your BK includes all your assets, regardless of where located.
In Chapter 7 bankruptcy, assets of a business are sold to help pay back their debts. In Chapter 11, businesses can keep their assets and try to negotiate new terms with their creditors.
You can't file bankruptcy "for IRS debt." You have to list all your debts and assets, and you can keep what you can exempt under state or federal laws. If you have little or no equity in an asset, you should have no problem.
I kept my house & pick up truck
The answer depends on the type of bankruptcy you file and the value of your home. In Chapter 7 bankruptcy, you may be required to sell the home unless it falls within certain exemption limits. In Chapter 13 bankruptcy, you can typically keep your home and create a repayment plan to catch up on missed mortgage payments. It's best to consult with a bankruptcy attorney to understand your specific situation.
Any assets you have are potentially forfeit if you file for bankruptcy. There is no way to 'lock away' part of your estate above and beyond the things the law allows you to keep - such a practice would defeat the object of filing bankruptcy in the first place.
then you get to keep it because its not worth anything to the government anymore
Bankruptcy allows you to exempt cash under state and federal law up to certain amounts. Georgia has a $10k homestead exemption and if you don't own a home or have no equity, you could use the $10k exemption on cash.