Nonexempt Assets in Minnesota Bankruptcy

Many people are afraid that by filing bankruptcy they will lose everything they have. In reality though, the vast majority of people filing bankruptcy are able to keep everything they have. Many assets such as retirement accounts, homestead real estate up to $300,000 and many other assets are exempt. This means that they are out of the reach of the bankruptcy trustee and creditors. Some assets are not exempt, however, and the bankruptcy trustee may sell them and transfer the proceeds to creditors.

The law firm of Prescott Pearson & Tande, PA, has solutions for people who wish to retain their assets in bankruptcy. We have helped more than 70,000 people obtain debt relief, and we want to help you build a more secure financial future for you and your family.

Can You Keep a Nonexempt Asset?

Minnesota provides generous exemptions for certain types of property. At Prescott Pearson & Tande, PA, our attorneys have a comprehensive understanding of bankruptcy law. We are creative in our approach, and we take full advantage of all allowable exemptions under Minnesota or federal law to protect as many assets as possible.

That said, in a given bankruptcy case, the bankruptcy trustee may take control of a nonexempt asset. In many situations, bankruptcy trustees will allow the debtor to buy back a nonexempt asset for its fair market value. This spares the trustee the trouble of having to administer the sale of the item to a third party.

We can review your situation and discuss your options. If it is possible and you strongly desire to retain possession of a particular asset, we will work with the trustee to try to make that happen. At the same time though, our attorneys pride themselves on providing honest, straightforward advice. We will discuss your situation with you. In some cases, it may make sense to let a particular asset go. If you will lose too many assets in the Chapter 7 bankruptcy process, we can discuss other possible alternatives. You will always have the final say, however. Prescott Pearson & Tande, PA, will work diligently at all stages of the legal process to protect your interests and help you obtain the best outcome possible.

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For a free consultation with a lawyer about keeping your property, contact Prescott Pearson & Tande, PA

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