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Will I Lose All Of My Assets If I File A St Louis Bankruptcy?

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You won’t lose your assets if you make proper use of your available governmental exemptions within the federal bankruptcy code. Now if most of the preceding sentence didn’t make much sense to you, that is probably because you are not a St. Louis bankruptcy attorney!! But then that is why it’s so important to hire an experienced law firm to help you through the process (and ensure that you do not lose any assets in along the way.

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When you file for bankruptcy, you have an obligation to make the court aware of all your possessions and property. In other words, you have to list out everything that you own. And no, the act of listing out everything that you own does not in turn mean that you have to give it all up to the court of bankruptcy trustee. It just means that the court will want to have an inventory of your belongings.

Most of your stuff will not have all that much value. For instance, that pair of lucky tennis shoes you own may be a prize possession to you. But the garage sale value is probably a dollar and a half. Even the furniture you own very likely only carries a resale value of a few hundred (if that). But this is actually good news, because that means that your bankruptcy attorney can easily exempt this personal property (in order to make it safe).

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But let’s take a look at big-ticket item: your car. Most people want to make sure they can keep their car when they file a Missouri bankruptcy. In the state of Missouri, the court allows for a $3,000 exemption to cover any equity that may exist in any motor vehicles you have an ownership interest in. For example, if you have a 2010 Ford Edge with a loan secured against it in the amount of $11,000 (for which you are making monthly payments). According to the NADA, the average value of such a vehicle is about $13,500. This means that there is about $2,500 of equity in your vehicle (13500 – 11000 = 2500). As mentioned above, the court gives you a $3,000 exemption to cover any equity in a vehicle. So in this example, the state exemption would more than cover your car (and it would therefore be safe).

Of course, that was an easy example. But what about those situations that are more difficult? How do you make sure that your tools and work gear are protected? How do you make sure that your bank accounts are kept safe? There are specific exemptions that can be applied to this type of property. But that is why it is so terribly important to contact a good Missouri bankruptcy lawyer today!!

The affordable St. Louis bankruptcy attorneys at Brinkman & Alter, LLC have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.

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