What Assets Can I Keep?

If you are struggling with debt, one question that may be keeping you up at night is: If I file for bankruptcy, what can I keep?

It is a common bankruptcy myth that people who file for bankruptcy lose all of their assets. In fact, most people who file do not lose any assets at all. What you can keep depends upon several factors, including the amount and nature of your debt and your income and assets.

At George & Davis, P.C., we have extensive experience handling bankruptcies for clients in Sturbridge and throughout surrounding Massachusetts communities. We handle every bankruptcy with close attention to detail. We can help you achieve your debt relief goals while keeping as much property as the law will allow.

Bankruptcy Exemptions

The government has carved out a list of exemptions detailing what property a person who files for Chapter 7 bankruptcy can keep. In Massachusetts, the bankruptcy exemptions include:

  • Up to $500,000 equity in a home
  • Up to $7,500 in one vehicle
  • Cemetery and burial property
  • Pension and retirement benefits
  • Personal property, including up to $15,000 in furniture, $1,225 in jewelry, $2,500 in cash and a $6,000 wildcard exemption you can apply to any property

Generally speaking, most people who qualify for Chapter 7 bankruptcy do not own property that falls outside of these exemptions. In other words, as long as you live in a relatively modest home and do not own a luxury car and other expensive items, you will likely be able to keep all of your property.

Contact Us For Bankruptcy Law Guidance

Our lawyers are here to answer your questions regarding filing for bankruptcy in Massachusetts. Call our office at 774-452-9955 or contact us online to arrange your free initial bankruptcy consultation with a knowledgeable attorney.

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