What assets can I protect in a Chapter 11 bankruptcy?

In New Jersey, you can protect certain assets in a Chapter 11 bankruptcy. These assets are referred to as exempt assets. The purpose of exempt assets is to provide the debtor with the means to support themselves and their dependents. Under Chapter 11, the debtor can keep certain types of property, such as: their primary residence, a vehicle, essential household goods and furnishings, their social security benefits, and their pension benefits. The debtor is also allowed to keep any property that has a lien or other security interest on it, such as a car loan or a mortgage. They are also allowed to keep any property they need to earn a livelihood, such as professional tools and equipment. In addition, the debtor may also keep certain insurance policies, such as life insurance, disability insurance, health insurance, or property insurance. Debtors should be aware that there are different rules regarding what can be kept in a Chapter 11 bankruptcy, depending on the state they reside in. In addition, there may also be limitations on the amount of certain property that can be kept in a Chapter 11 bankruptcy. Before filing for Chapter 11 bankruptcy, debtors should consult with an attorney to determine what assets they can keep.

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What assets can I protect in a Chapter 11 bankruptcy?

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