Just because you are filing for bankruptcy does not mean that you have to give up all of your property.  Most people are able to keep all of their property in bankrupcy.  This is because certain property cannot be sold or taken from you according the bankruptcy exemptions that are provided by state or federal law.  The new BK laws made certain changes concerning residency requirements and in some cases actually capped the amount of equity that is protected in a residence.  These changes should not effect most people however.  On a good note, Congress did pass a provision allowing a person to be able to protect up to a million dollars in a qualified retirement account or IRA.

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“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.  The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”  Thomas Jefferson

Is It Harder To File For Bankruptcy Now? Continue Reading »