Are there any assets that I will not be able to keep in bankruptcy?

Yes, unfortunately, there are assets that you will not be able to keep in bankruptcy in Pennsylvania. These non-exempt assets are items that the court may deem not necessary for your financial stability. In other words, the court will require you to sell these items and use the money to pay off your creditors. Examples of these non-exempt assets include luxury items such as jewelry, artwork, and antiques, as well as any assets that were acquired within 180 days of filing for bankruptcy, such as expensive cars or boats. You may also be required to sell any real estate that you own. On the other hand, certain assets are exempt, meaning you can keep them even if you file for bankruptcy. Examples of these exempt assets include budgets for necessary items such as food, clothing, and medicine, as well as furniture and appliances, life insurance policies, and pensions. Additionally, you can generally keep a car of a certain value, as well as any assets that are co-owned with someone who is not filing for bankruptcy. It is important to speak with a Pennsylvania bankruptcy lawyer who can review your financial situation and determine which assets are exempt and which may need to be sold in order to satisfy your creditors.

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Are there any assets that I will not be able to keep in bankruptcy?

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