What Can I Keep?
Exempt Property in Bankruptcy
If you are considering bankruptcy, you may be concerned about losing your possessions. However, what most people do not know is that bankruptcy actually allows you to keep certain property or personal assets by claiming them as “exempt” under Federal and State bankruptcy laws.
Though property that is considered exempt varies dramatically from state to state, McElroy & Associates stays current on the list of exemptions in both Tennessee and Mississippi.
Contact us in Memphis to find out if your possessions will be protected during bankruptcy. Your initial consultation will be free of charge.
We Can Help You Keep Your Property
At McElroy & Associates, our attorneys will take the time to go over your property and assets with a fine tooth comb, determining what might qualify for exemption. Items that may qualify include:
- Your homestead (house, land or lease)
- Your car
- Other personal property
Many of our clients are able to keep all of their property and assets. To find what exemptions will apply in your case, seek advice from our experienced bankruptcy lawyers.
* We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.