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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>.

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14y ago

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Can the bank seize assets in the bank during a bankruptcy?

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.


Wifes assets if you file 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.


If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?

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.


Can you file Chapter 7 and keep your house and car?

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.


Can you keep your house in another country if you live in us and you are going in bankruptcy?

Your BK includes all your assets, regardless of where located.


What is the difference between a Chapter 7 and a Chapter 11 business bankruptcy filling?

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.


What about your car or airplane can you keep if filing bankruptcy for IRS debt?

You can't file bankruptcy &quot;for IRS debt.&quot; 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.


What can you keep during bankruptcy?

I kept my house &amp; pick up truck


If you file bankruptcy in one state and own a home in another state may you keep it?

Bankruptcy is filed in "Federal Court". It doesn't make any difference where your assets are. The only time you can hold out is if your assets are outside the U.S. and the bankruptcy court doesn't know about them.


Can gold bars be taken in bankruptcy?

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.


WHAT ASSETS DO YOU LOSE IN A CHAPTER 7 BANKRUPTCY?

In a Chapter 7 bankruptcy, you may lose non-exempt assets, which can include valuable items such as a second vehicle, luxury items, or investment properties. However, many states have exemptions that allow you to keep essential assets, like your primary residence, a vehicle up to a certain value, and household goods. The specific assets you might lose depend on your state's exemption laws and your financial situation. It's crucial to consult with a bankruptcy attorney to understand what you may retain or lose in your case.


What if Car is paid off during bankruptcy?

then you get to keep it because its not worth anything to the government anymore