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

Yes, there are certain assets that you cannot keep after filing for bankruptcy in Kansas. Generally, in Chapter 7 bankruptcy, which is the most common form of personal bankruptcy, all of your assets must be turned over to a court-appointed trustee for liquidation and distribution to your creditors. A few assets may be exempt, such as basic clothing, furniture, and tools of the trade, but even these must still meet certain state requirements. In addition, any assets that you acquired within 180 days of filing for bankruptcy will not be exempt and must be turned over to the trustee. Some other assets will not be exempt, such as recurring gifts from family and friends, inheritances received within 180 days of filing, tax refunds, and payments from a structured settlement. Further, some assets such as a vacation home, second car, luxury items, cash, stocks, bonds, and other investments are not protected under bankruptcy. These must also be turned over to the trustee. Even though you may not be able to keep certain assets after filing for bankruptcy, you should talk to a knowledgeable bankruptcy lawyer to understand exactly what assets you will be able to keep, as this will vary from state to state.

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

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