Exempt vs. Non-exempt Property Under Chapter 7

Bold labels are required.

Contact Information Name

E-mail Address

Please enter a valid e-mail address.

Phone

Brief description of your legal issue

Please verify that you have read the disclaimer. I have read the disclaimer. disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

For most consumers, life before bankruptcy is fraught with financial difficulties. It is important to remember that although bankruptcy is not the first resort, it is best not to wait too long to take action. If you are facing what seems to be insurmountable debt, contact an attorney at once in order the make the best of a bad situation.

Find Out About Chapter 7 Bankruptcy

Chapter 7 bankruptcy offers protection from creditors and debt liquidation so that individuals can make a fresh financial start. Not everyone is eligible to file for bankruptcy under Chapter 7 of the Bankruptcy Code; the lawyers at the Law Offices of Robert M. Geller, P.A. can advise you.

Thank you for contacting Law Offices of Robert M. Geller, P.A. Your message has been sent.

Call us now

or use the form below.

Contact a Bankruptcy Lawyer

To learn more about Chapter 7 bankruptcy and whether it is right for you, contact our Tampa, Florida, law firm. Call us at 813-217-5663 to schedule a free initial consultation.

Learn About Our Law Firm

Our law firm has been offering bankruptcy services since 1991. We help people pursue their financial goals by filing Chapter 7 bankruptcy. Call to learn more about our law firm, our attorneys and our bankruptcy practice.

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

In a Chapter 7 liquidation case, the debtor must relinquish certain property to the bankruptcy trustee so that he or she can sell the property and use the proceeds to pay off debts. Property of the bankruptcy estate is broadly defined under Section 541 of the Bankruptcy Code. The estate is technically the legal owner of all of the debtor's property and consists of all legal and equitable interests that the debtor has in property at the initiation of the bankruptcy case. Income that the debtor earns after the date of the petition is not included in the estate. Debtors, whether they are businesses or individuals, are often justifiably concerned about what property they will be allowed to keep and what they must give up. A bankruptcy lawyer at Law Offices of Robert M. Geller, P.A. in Tampa, Florida, can answer these and other questions, allay fears and keep the process moving forward as painlessly as possible.

A debtor must file a schedule of exempt property with the court. Exempt property is property that the debtor can protect from liquidation. The Bankruptcy Code allows each state to adopt its own exemption laws, which the debtor can select instead of the federal exemptions. It is important to consult with an attorney who can explain the exemptions available under your state's laws and how they compare to the available federal exemptions.

Non-exempt Property

Items that the debtor usually must forfeit include:

Expensive musical instruments, unless the debtor is a professional musician
Collections of stamps, coins and other valuable items
Family heirlooms
Cash, bank accounts, stocks, bonds and other investments
A second car or truck
A second home or vacation home

Exempt Property

Certain types of property are exempt, meaning that the debtor can keep that property. Exempt property includes:

Motor vehicles, up to a certain value
Reasonably necessary clothing
Reasonably necessary household goods and furnishings
Household appliances
Jewelry, up to a certain value
Pensions
A portion of the equity in the debtor's home
Tools of the debtor's trade or profession, up to a certain value
A portion of unpaid but earned wages
Public benefits, including public assistance (welfare), social security and unemployment compensation, accumulated in a bank account
Damages awarded for personal injury

Speak to a Bankruptcy Lawyer

If you have questions about what property you will be allowed to retain if you file for bankruptcy under Chapter 7 of the Bankruptcy Code, it is prudent to seek the counsel of an experienced and knowledgeable bankruptcy attorney at Law Offices of Robert M. Geller, P.A. in Tampa, Florida, who can respond promptly and accurately and put your mind at ease.

DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.

Back to Main