Call for a Free Consultation 704.710.8182 Hablamos Español
Saffa Law Firm We're With You Every Step of the Way

What Can I Keep After Bankruptcy?

Charlotte Bankruptcy Attorneys - Call Us Today (704) 710-8182

Filing for Chapter 7 bankruptcy in Charlotte? You will need to have a good understanding of your options for bankruptcy exemptions. Bankruptcy exemptions are items that remain exempt from being sold in order to discharge your debts.

If the debtor is a person with very few assets, they may be allowed to keep most of their items. For individuals who do have assets and a lot of property, some things may have to be given up in the bankruptcy process. The amount of assets you possess will dictate how many or how few things you can keep when filing for bankruptcy, which can greatly affect one's decision for filing for either Chapter 7 or Chapter 13.

In North Carolina, an individual debtor is allowed to claim up to $5,000 worth of "personal property" as "exempt" (with an additional $1,000 per dependent; up to $4,000 more). Personal property that is exempt cannot be taken by a Trustee and sold to pay back creditors.

Personal property is things such as:

  • Cash
  • Certificates of deposit
  • Furniture

Motor vehicles (such as cars, boats, motorcycles, etc.) are also considered personal property. However, up to $3,500 is considered exempt. Real property is things such as land, homes, etc. The amount of "homestead exemption" you are afforded depends upon things such as your age, marital status, whether you have minor dependents, etc.

Protecting Your Property and Assets

After filing Chapter 7 bankruptcy, one may retain any assets that are considered exempt. In most cases, a debtor will not lose a majority of their personal property. Many important exemptions are in place to protect consumers' rights. Federal law allows for certain exemptions of assets that will not go to a trustee. Following a careful review of a debtor's non-exempt assets, if any, a lot of the time there are no sufficient funds left with which to pay for anything more than administration costs; in this instance, the creditors will receive nothing.

Our bankruptcy lawyers at Saffa Law Firm will be able to help you identify your exempt and non-exempt assets. Federal law allows exemptions include workers' compensation awards, college funds that have been prepaid, 401K and pension funds, (a portion of) your house / home, Supplemental Security Income (SSI) or disability income, and cars (a portion of, but often they are totally exempt).

Limitations to these exemptions do exist; however, the majority of consumers are able to maintain ownership over all of their belongings while still eliminating their debt. Non-exempt property of the estate is what is used to pay the respective creditors. This can be comforting news to someone in dire need of a break from financial strife!

For more information about how your property and assets will be protected, contact our firm today and schedule a free consultation to discuss your rights!

We serve clients throughout the City of Charlotte, Town of Cornelius, Town of Davidson, Town of Huntersville, Town of Matthews, Town of Mint Hill, Town of Pineville, Town of Stallings, Buford, Charlotte, Goose Creek, Hembry Bridge, Indian Trail, JAARS, Jackson, Lake Park, Lanes Creek, Marshville, Marvin, Matthews, Mineral Springs, Mint Hill, Monroe, New Salem, Sandy Ridge, Stallings, Unionville, Vance, Waxhaw, Weddington, Wesley Chapel, Wingate, Concord, Harrisburg, Kannapolis, Midland, and Mt. Pleasant.

Turn to Saffa Law Firm for Advice

Request a Free Consultation to Discuss Your Case With an Attorney
  1. Our office is open 7 days per week
  2. Clients have 24 hours/day access to their attorney
  3. Personalized results-driven strategies tailored to fit your needs
  4. Compassionate advocacy that is aggressive when necessary
  5. Over 25 years of legal experience
  • Please enter your name.
  • This isn't a valid email address.
    Please enter your email address.
  • This isn't a valid phone number.
    Please enter your phone number.
    You entered an invalid number.
  • Please select an option.
  • Please enter a message.

Helping Clients Across Charlotte

See How Saffa Law Firm Has Guided Clients Through Their Legal Matters
  • “She was incredibly well organized and I felt very secure in knowing I was in good hands.”

    Lisa

  • “I was unemployed suddenly with a huge amount of credit card debt. Within a couple of months I was debt free!”

    Sheila

  • “"Diana Saffa is truly a life saver!"”

    Liana

  • “Diana is so down to earth and does an excellent job. My bankruptcy was smooth and easy.”

    Danielle

  • “Love this lawyer She knows her Stuff!!!”

    Stanley Hunter

  • “...they are very knowledgeable and professional.”

    C. Sandifer

  • “They are bankruptcy experts”

    Tanner S.

  • “My husband and I didn't know where to turn”

    Porcha Petteway

  • “The kindness and attention I received from Diana is unmatched from any other legal experience I have ever had.”

    Bart

  • “Diana is the BEST there is!!!”

    Kelley Sheehan

  • “With Diana's knowledge and friendly attitude, she eased my fears and unrest.”
  • “Diana Saffa is an incredibly intelligent, clever, and hard-working attorney. She won't take "no" for an answer and she gets results.”

    Kimberly

  • “If I could leave a higher rating than a 5 star I would.”

    Diane K

  • “They are responsible, professional and most important, they get the job done right.”

    Francine K.

  • “I was never once left second-guessing my decision to have them represent me.”

    Chad