What Assets Can I Keep In Kentucky?
Understanding which assets you can keep after filing for bankruptcy can be difficult if you do not get the information from an experienced attorney. At Robinson Salyers, PLLC — with locations in Shelbyville and Frankfort — our attorneys will help you understand which assets you may keep, which you may have to surrender and what steps can be taken to protect them.
Which Assets Are Exempt?
In 2005, Kentucky adopted the federal exemptions for bankruptcy. This was a significant improvement for filers in Kentucky because the federal exemptions are broader and more generous to filers. Under federal law, certain assets are exempt from liquidation in bankruptcy proceedings, including:
- Jewelry (up to a certain value)
- Vehicles (depending on the value)
- Retirement funds
Assets that are not exempt are items such as vacation homes, firearms, boats and recreational vehicles, and tax refunds. Some exemptions are greater for married couples. To gain a better understanding of which assets you may keep and which you may have to liquidate, speak with a qualified bankruptcy attorney like ours at Robinson Salyers, PLLC.
If you file for Chapter 13 bankruptcy, you will not need to liquidate your assets. In fact, if you have a house or other assets that you want to preserve, Chapter 13 bankruptcy is a good option. Our lawyers will work hard to help you achieve the best possible result.