Perspective on Bankruptcy bill
Books on bankruptcy
Bankruptcy in Brief
a service of the Moran Law GroupWill I have to give up all my assets?
No. The Bankruptcy Code provides that a debtor filing for bankruptcy can keep certain assets for a "fresh start" by exempting property from the bankruptcy estate.
The vast majority of bankruptcy cases are "no asset" cases, in which the debtors have claimed an exemption in everything they own; there are then no assets from which to pay creditors.
The exemptions that are available vary from state to state: this is the only area in which bankruptcy law is not the same in all states.
More on exemptions.
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