Will I Lose My Property? Federal Exemptions Explained

The single most common fear about bankruptcy is losing everything you own. In reality, the law is built to let honest people keep the essentials. Bankruptcy exemptions (11 U.S.C. § 522) protect your home equity, your vehicle, your household goods, and your retirement accounts in the overwhelming majority of cases.

What exemptions cover

• Home equity, through the homestead exemption
• A vehicle you rely on for work
• Household goods, clothing, and personal belongings
• Most retirement accounts, protected almost without limit

For the overwhelming majority of the families we help, the answer to "will I lose my property?" is no. Which exemption set fits best depends on your specific assets, exactly what a free consultation works out.

By Dalton Stanley · About the author · More from the blog

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Dalton Stanley is the attorney responsible for the content of this website. Principal office located at 156 Ky Oil Village, Betsy Layne, KY 41605. The information provided on this website is for general educational and informational purposes only and does not constitute formal legal advice. Viewing this website or submitting a contact form does not create an attorney-client relationship. Licensed to practice law in the Commonwealth of Kentucky. THIS IS ADVERTISING MATERIAL. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.