When one mentions “bankruptcy” the first that comes into mind is losing everything you worked hard to earn. After all, there is nothing more devastating than having your hard-earned assets taken away. However, this isn’t always what bankruptcy means. It’s time to challenge the notion and dispel the fear of bankruptcy by seeing it in a different way.
Of course, this isn’t to say that bankruptcy is a good thing. Think of bankruptcy as a fresh start. Also note that in bankruptcy you always have the chance to exempt certain properties to protect them. Assets such as cars, real estate, and retirement accounts can be exempted.
Now, on to the question. What is nonexempt property bankruptcy? From the word itself, nonexempt property bankruptcy is properties that you do not declare on your exemption list. The fate of these properties lies in the type of bankruptcy you file.
Certain assets are considered as nonexempt property in bankruptcy cases. Among them are residential property you don’t own, new vehicles where you have equity, instruments not needed for profession, collection, investments not for retirement, jewelry, and artwork.
Enlist the help of a Jackson bankruptcy attorney to walk you through this challenging time and help you take the necessary steps. Dealing with bankruptcy doesn’t have to drain you.