What can be taken away from me in a bankruptcy?
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What can be taken away from me in a bankruptcy?
My ex owned a business and unfortunately I signed personal guarantees. Now the deadbeat’s creditors are coming after me so I might have to file. My car lease is also up and I just lost my job. What should I do about getting a car in case I file bankruptcy? I don’t want to buy one just to have it taken away. Alsdo, I have savings bonds in my kids’ names but I am listed as a secondary. Should I go cash them out now or will they be safe? Finally, my kids want to open a savings account but should I wait so bankruptcy doesn’t take it?
Asked on July 15, 2011 under Bankruptcy Law, Arizona
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 12 years ago | Contributor
Whether or not assets are "safe" in a given Chapter 7 case depends on their value, the amount of equity in them, and the exemption (protection) laws of the state that pertains to your case. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
You need to consult with a bankruptcy attorney in your area for more details.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Follow Me on Twitter: @bklawr
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 12 years ago | Contributor
Whether or not assets are "safe" in a given Chapter 7 case depends on their value, the amount of equity in them, and the exemption (protection) laws of the state that pertains to your case. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
You need to consult with a bankruptcy attorney in your area for more details.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Follow Me on Twitter: @bklawr
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