What Property Can I Keep in Bankruptcy?

A main question our lawyers at Prescott Pearson & Tande, PA, hear a lot is "What property can I keep when filing for bankruptcy in Minnesota?" While the answer is different for everyone, our clients are usually able to keep much more property than they originally thought possible.

If you have questions regarding what property you can keep should you file for bankruptcy in the Minneapolis area, do not hesitate to reach out to our attorneys today. We will answer your questions and help you decide what chapter would best fit your situation.

Individuals Who File Bankruptcy Do Not Lose All of Their Assets

There are many myths surrounding the bankruptcy process, especially around the topic of exempt property. The truth is that Minnesota law states that you are allowed to keep all kinds of property up to a certain dollar amount. For many people, this means that they get to keep:

  • Their home
  • A car
  • Furniture and other household goods
  • Jewelry
  • Wages
  • Tools used for their job
  • Life insurance proceeds

There are certain limits to what you can keep, so finding out for sure requires speaking to a knowledgeable bankruptcy attorney. At our Minneapolis law firm, we have been assisting individuals throughout the state with all of their bankruptcy needs for more than 40 years. You can rely on us to help you keep your property while eliminating your debt.

What Property Is Not Protected?

While your house is protected under bankruptcy laws, vacations homes are not. Other assets that are not protected can include boats, ATVs, recreational vehicles and extra automobiles. Certain pieces of valuable art and collections you have may not be exempt as well.

Our team will work with you to explain exactly what property we can protect through the bankruptcy process. Speak with a skilled lawyer to learn more about your rights and your options for debt relief.

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  • Minneapolis-St. Paul Area: 651-968-8096
  • Minnesota Toll Free: 888-366-0827

We serve clients throughout the Minneapolis-St. Paul area with all of their bankruptcy needs. For advice on what property you can keep during Chapter 7 or Chapter 13, contact us online or call us, and we'll schedule a free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.