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Craig D. Robins, Esq. New York Bankruptcy Attorney, Longisland bankruptcy attorney

“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”

Craig D. Robins, Esq.

What Happens to My Assets After Filing for Bankruptcy?

Posted on Sunday (June 20, 2010) at 11:45 pm to Bankruptcy Exemptions
Chapter 7 Bankruptcy

assetsWritten by Craig D. Robins, Esq.
Some people erroneously think that they are not allowed to own any assets after filing for bankruptcy.  This is not true.
The purpose behind consumer bankruptcy is to give an honest debtor the opportunity for a fresh new financial start. 
The bankruptcy laws recognize that in order to get this start, you must be able to keep a reasonable amount of your possessions, such as a roof over your head, clothes on your back, and a reasonable amount of other possessions — this is all so that you can move forward with your life without becoming a ward of the state.
Various Assets are Protected by Various Bankruptcy Exemption Statutes
There are a number of laws called exemption statutes that indicate what possessions you can keep and protect.  Click here to see Bankruptcy Exemptions in New York .
Wondering about keeping your clothes?  You shouldn’t — Can They Take the Shirt Off My Back In a Bankruptcy Proceeding?
The exemption statute that protects your home is called the homestead exemption.  Several years ago, New York increased the amount of its homestead exemption by five times — Surprise Law Enactment – Homestead Exemption Increased .
Almost all retirement accounts are protected in bankruptcy.  That’s why If You’re Considering Bankruptcy, Avoid the Temptation of Borrowing From Your Retirement Account .
Tax refunds are often protected in bankruptcy proceedings.  To find out more if yours is, read The Issues to Consider in Determining If a Tax Refund is Protected in Bankruptcy .
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Craig D. Robins, Esq. is a Long Island bankruptcy lawyer, who is focused primarily on helping individuals and families, find solutions to their debt problems. Read more »


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Craig D. Robins, Esq.
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