Are there any assets that I cannot keep after filing for bankruptcy?

Yes, there are certain assets that you can not keep after filing for bankruptcy in Pennsylvania. These include any assets that are property of the Bankruptcy Estate, such as a motor vehicle you acquired within 910 days before filing, any cash advances you made over the course of two years before filing, any tax refunds you receive within 180 days of filing, and any inheritance you receive within 180 days of filing. Additionally, any assets identified in the Bankruptcy Code as being exempt from discharge such as social security or retirement benefits, or any assets whose equity value exceeds the state exemption limit are not allowed to be kept after filing for bankruptcy. For example, if you have a car worth more than $4,000, you would not be allowed to keep it after filing for bankruptcy. It is important to be aware of these restrictions before you file for bankruptcy. You may be able to keep these assets if you can prove that they are necessary for maintaining your livelihood or that they are necessary for your family’s well-being. Additionally, some assets may be exempt from being liquidated in Chapter 7 bankruptcy, such as furniture and other household goods, and can be kept even after filing for bankruptcy. If you have any questions about whether you can keep your assets after filing for bankruptcy, it’s best to speak with a bankruptcy attorney in Pennsylvania to get more information.

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Are there any assets that I cannot keep after filing for bankruptcy?

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