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Your Assets In Bankruptcy

Olympia Bankruptcy Attorneys

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What happens to my property, retirement, pension, and other assets in an Olympia bankruptcy?

Your Property in Washington State Bankruptcy Proceedings

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Many people have the misconception that you lose most of your property when you file for bankruptcy.  In almost all cases, this is completely untrue.  The U.S Bankruptcy Code has a set of exemptions which allows bankruptcy filers to keep a generous amount of their real and personal property.

The Washington State and Federal Bankruptcy Exemptions.

Washington State allows you to choose between the Washington State or Federal Bankruptcy exemptions to best protect your property. 

Protecting Your House: The Homestead Exemption: If you have significant amount of equity in your home and want to keep it, you will probably want to choose the Washington State exemptions, as it allows you to protect up to $125,000 of equity in your primary residence.  The federal exemptions provide significantly less protection in your home by not affording you nearly as much equity.

Protecting Your Car, Household Items, and Cash:  The federal exemptions allow you to protect over $20,000 of equity and value in a car, cash and other household items.  If you are married and filing bankruptcy together, these figures are double—you can protect twice the amount of property.  The Washington State exemptions protect significantly less of these types of property.  Our affordable Olympia Bankruptcy Attorneys will itemize and advise much more of your property you can keep in bankruptcy and which set of bankruptcy exemptions to use when filing in Washington State.

Retirement Plans:  100% of all money in retirement plans are protected under the Washington State and Federal Bankruptcy exemptions.  It is usually not recommended to cash out any of your retirement soon before you file for bankruptcy. 

Inheritance and Life Insurance Proceeds:  Some of these proceeds may have to be turned over after you file for bankruptcy.  Contact our experienced and affordable Olympia Bankruptcy Law firm to discuss these issues in detail.  

Call Our Affordable Olympia Bankruptcy Attorneys for a Free Consultation

We Serve Clients Throughout Thurston County and Olympia, WA

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What happens to my property, assets, retirement, house, car, inheritance, or life insurance proceeds in a Washington State bankruptcy?

Get answers from an Olympia bankruptcy attorney today!