What assets can be kept in a bankruptcy?

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What assets can be kept in a bankruptcy?

My brother has no income but will soon be getting a small SS check and small IPERS check. His only asset is a mobile home worth about what he still owes. He has no other income or assets. He has about $20,000 in credit card debt and is considering filing bankruptcy because he has no means to pay off that debt. If he files bankruptcy, will he be able to keep his mobile home and all his IPERS and SS money?

Asked on August 30, 2013 under Bankruptcy Law, Iowa

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

So long as your brother is current on his payments for the mobile home then he will not lose it in a bankruptcy filing. Likewise, he will be entitled to keep his IPERS and SS money. I suggest that your brother look on attorneypages.com for a bankruptcy attorney in his locality to assist him in his matter.


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