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What Can I Keep After Bankruptcy Proceedings Are Over in Indianapolis?

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The process of filing for bankruptcy is traumatic enough, facing the possibility of losing everything you own can send a family into distress. If you are facing bankruptcy, it is important to know what you are allowed to keep after bankruptcy. Although it may seem as if creditors can take whatever they want, the law states otherwise. Bankruptcy law outlines what is safe from liquidation.

Common bankruptcy exemptions include IRAs, personal belongings – such as clothes, silverware and other small items – as well as any money you are collecting from a judgment. Life insurance policies and other retirement accounts are generally exempt from liquidation as well. A skilled bankruptcy lawyer can help you navigate the murky waters of exemptions.

What About My Greenwood House?

It is likely that if you are facing bankruptcy, you may feel like you are in the eye of a hurricane – the last thing you need to worry about is losing your home. In addition to helping you protect your possessions, an experienced bankruptcy attorney can help you keep your home while your bankruptcy is being heard by the court. This is commonly referred to as a “homestead exemption.” Your lender may be able to resume foreclosure proceedings after your case has been heard, so careful planning and aggressive representation are vital to holding onto what you are entitled to keep.

Who Makes Sure That the Rules Are Followed?

A trustee will be assigned to your case to ensure that all rules are being followed. Your trustee will oversee the liquidation of eligible assets as well as all payments being made to creditors. This ensures that both sides are following the ruling issued by the judge in your case. To find an attorney who will deliver the results that you need, please call our office serving Greenwood, Franklin or the Southside of Indianapolis at 317-888-0006 or toll free at 800-319-0064.