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Chapter 13, what can I not make exempt?

1 Answers. Asked on Dec 13th, 2012 on Bankruptcy - New Mexico
More details to this question:
What property wil I lose if I file chapter 7 bankruptcy?
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Answered on Dec 13th, 2012 at 11:06 PM

Which assets are protected (exempt) in a chapter 7 bankruptcy case depends first on which state or federal law applies in your case, which is determined by 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. 

The next step is to determine what assets you have, and what their realizable values are and then see if there are sufficient exemptions to protect them under applicable law.

You need to have a consultation with a qualified bankrupty lawyer in your area for more specifics.

Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by, and A+ rated by the Better Business Bureau.  

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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