Can I Keep my Property if I File for Bankruptcy?

Usually you can keep your property if you choose to file for bankruptcy

Certain property is called "exempt" (that means protected) assets. You are allowed to keep those items that are exempt when filing for bankruptcy protection. The concept behind exempt items is that you will need certain basic items in order to make a successful fresh start after declaring bankruptcy.

Sometimes, if you have an item that is not able to be protected or "not exempt" when filing for bankruptcy in Arizona, legal pre-bankruptcy planning may be necessary to convert the value of the item into a form that is able to be protected. One of our competent bankruptcy lawyers will be able to explain this to you if needed depending on your unique circumstances.

Most people that we meet with during their FREE initial consultation have a home, a car, household items, and retirement accounts, all of which are usually exempt when filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy protection in Phoenix, Tucson, Flagstaff Arizona. Remember, you are allowed to keep your exempt assets when filing for bankruptcy.

Very few people that we meet during their free initial consultation have any non-exempt property. It doesn't happen very often that we meet someone who has non-exempt assets. Therefore, the vast majority of people we meet will be able to retain thier assets and all of their property. Your experienced Arizona Bankruptcy Lawyer will help you determine exempt and non-exempt property and how to keep your assets.

Schedule you free consultation today by calling (480) 263-1699 or filling out our online form.

Our Tucson and Phoenix Bankruptcy Lawyers want to help you get out of debt. There are many financial options available to you. Your initial consultation and debt evaluation are FREE. Simply fill out the form and we will call you back immediately or give us a call, we look forward to helping you.

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The Bornmann Law Group is a member of NACBA: National Association of Consumer Bankruptcy Attorneys

Arizona Bankruptcy Law Offices:

Mesa Bankruptcy Law Office:
The Bornmann Law Group
Darling Executive Suites
1830 S Alma School Rd.
Suite #104
Mesa, AZ 85210
480-263-1699

Phoenix Bankruptcy Law Office:
1830 S Alma School Rd.
Mesa, AZ 85210
480-833-8000

Tucson Bankruptcy Law Office:
The Bornmann Law Group
2 East Congress St. Ste. 900
Tucson, AZ 85701
(520) 306-8729

Member of the State Bar of Arizona