Can I keep certain types of property when filing for bankruptcy?

Yes, you can keep certain types of property when filing for bankruptcy in Nebraska. Most commonly, this is referred to as exempt property. Exempt property is property that is protected from creditors or bankruptcy trustees. Examples of exempt property in Nebraska are: up to $50,000 of equity in your primary residence, up to $2,400 of equity in one motor vehicle, your clothing, furniture, household goods, pension benefits, certain public assistance benefits, alimony or child support, and certain tools of trade. There are also additional types of property that may be made exempt from creditors or bankruptcy trustees depending on the individual circumstances. For example, certain types of retirement accounts such as 401(k)s and IRAs are exempt up to certain limits. Other personal property types may be exempt as well, such as wedding and engagement rings, work-related tools and equipment, and life insurance. It is important to note that these exemptions may change depending on the type of bankruptcy being filed. Additionally, the court may decide that certain property does not qualify as exempt property. If you are considering filing for bankruptcy in Nebraska, it is best to speak with a qualified attorney who can help you determine what property may be exempt and the best type of bankruptcy for your specific circumstances.

Related FAQs

Are there restrictions on my ability to travel while filing for bankruptcy?
How do I know if I am eligible for a Chapter 11 bankruptcy?
What are some of the potential pitfalls to filing for bankruptcy?
How does the bankruptcy court decide which creditors will get paid?
Will bankruptcy discharge the entire amount of debt owed?
How do I know if I'm eligible to file for bankruptcy?
How do I know if I am eligible for Chapter 7 or Chapter 13 bankruptcy?
Are there any special provisions for filing for bankruptcy as a single parent?
Does filing for bankruptcy stop foreclosure proceedings?
Will filing for bankruptcy stop a lawsuit?

Can I keep certain types of property when filing for bankruptcy?

Related FAQs

Related Blog Posts