Types of Assets You Can Keep After Filing Bankruptcy. In the realm of bankruptcy, assets are divided into two categories—exempt and non-exempt. The differentiation between these categories has ...

An exempt asset is untouchable by creditors, right? Normally, yes. But sometimes, no. A recent Opinion from the First Circuit in Malley v. Agin, ___ F.3d ____, 2012 WL 3326629 (1st Cir., Aug. 15 ...

Chapter 7 bankruptcy involves liquidation or the sale of a debtor's non-exempt assets to pay off creditors. This type of bankruptcy is typically reserved for individuals with low income and few ...

You have significant non-exempt assets. If you own valuable property that's not protected by exemption laws in your state, Chapter 7 bankruptcy could result in forced liquidation.

Chapter 7 bankruptcy involves liquidating a debtor's non-essential assets to repay creditors. Chapters 11 and 13 are more expensive and longer than Chapter 7, but you can keep your assets.

Chapter 7 allows you to discharge your debts by selling non-exempt assets, whereas Chapter 13 discharges debts by creating a repayment plan and paying the debts off over three to five years.

Additionally, you may be required to surrender some non-exempt assets to be sold for creditor repayment. Chapter 11: Reorganization for Businesses and Individuals with High Assets.

If you are not already taking required minimum distributions (RMDs), your IRA could be considered a non-exempt asset. You can learn more about how to protect your personal assets by speaking with ...