What Can I Keep In Bankruptcy?

At the law firm of Heidi S. Milam, Attorney at Law, PLLC, we know that one of the first questions people have is, "What can I keep in bankruptcy?" While assets and debts must be examined to provide a complete answer, more often than not, people are surprised by how much of their property they will keep.

Mississippi Bankruptcy Exemptions

In Mississippi, bankruptcy exemptions allow you to keep a substantial portion of your property. There is a $75,000 homestead exemption that allows many people to keep their homes. There is also a $10,000 personal property exemption, which often covers the majority of people's assets. It is not uncommon for people to walk away from bankruptcy without having to give up any significant assets.

Can you afford to keep your home? Can you afford to keep your car? It is important to consider the long term. Keeping your home and your car if you cannot afford to make your monthly payments will lead to further issues down the line. An experienced lawyer at our firm will provide you with honest guidance about your options.

Do you own real estate other than your home? Do you own luxury items that are paid for such as sports cars or boats? If so, that property may not be exempt and you need an evaluation from an experienced attorney to determine if you are in danger of losing those assets to creditors if you file bankruptcy.

Keeping Your Property In Chapter 7 Vs. Chapter 13

Keeping your property also depends on the type of bankruptcy you file. While you may have to give up nonexempt assets in Chapter 7, Chapter 13 may allow you to retain your assets because you will be paying off all or some portion of your debt in the process.

Call Today For A Free Consultation With A Southaven Bankruptcy Exemptions Lawyer

Attorney Heidi Milam can review your situation and explain your bankruptcy options. Contact our firm for a free consultation.

Located in Southaven, we represent clients throughout northern Mississippi.

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