It is a very common questions for clients to ask what assets they can keep when filing for bankruptcy. Filing for bankruptcy can help you protect your cash and property. It can allow you to keep critical assets like your car or home while you discharge a portion or all of your other debts. In many cases you are allowed to keep assets such as a traditional, Roth IRAs and 401(k) or other qualified retirement accounts or pensions. You can keep assets that qualify under the Florida exemptions such as your homestead, your vehicle if the equity is $1,000 or less and personal property worth up to $1,000. If you do not own a home then you qualify for an additional $4,000 worth of exemptions to use. It is beneficial to get a consultation if you have specific questions regarding other types of exemptions and to address your individually financial situation.
In a Chapter 13 bankruptcy you pay back creditors at least as much as your nonexempt assets. For example, if you have 20,000 in assets then you will need to pay back your creditors at least 20,000. Chapter 13 plans can help people make lower monthly payments and often save you money due to interest and late fees that would have accrued otherwise.
Call Gina Rosato Law Firm to discuss your individual situation and find out what your options are today!