Is bankruptcy an option if I have a fair amount of investments and assets such as a few cars and motorcycles?
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Is bankruptcy an option if I have a fair amount of investments and assets such as a few cars and motorcycles?
Asked on October 29, 2013 under Bankruptcy Law, Pennsylvania
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 10 years ago | Contributor
It may be an option if you don't mind having your "investments " taken and sold by a trustee , with the oriceeds distributed to your creditors.
In a bankruptcy, you have the ability to protect the value of certain types af assets. For example, a residence , 1 vehicle used by you, clothing, and miscellaneous other proerty. The exemption laws vary by state so you will have to become familiar with your state's laws. If the value of the asset exceeds the value of the exemption, the trustee can liquidate (sell!) the proerty to be used to pay creditors.
I would advise you to seek counsel before filing, expecially if you are thinking about doing it yourself. The process, once started, cannot be undone.
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