If you’re considering filing for bankruptcy, one of the key concerns is what you’ll be able to keep. The good news is that bankruptcy laws are designed to help individuals regain financial stability, not take away everything. Through exemptions, you can hold on to many of your assets and keep your daily life intact.
In general, you can expect to keep:
- Essential personal items, including clothing and household goods
- Vehicles, depending on their value and state exemptions
- Home equity, if it falls within your state’s exemption limits
- Retirement savings, such as 401(k)s, pensions, and IRAs
- Tools or equipment needed for your job or trade
Understanding these exemptions can help alleviate concerns and offer a clearer picture of life after bankruptcy, allowing you to start fresh without losing everything.
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