Legal Question in Bankruptcy in Pennsylvania

Re: what are considered assets?

Assets consist of cash on hand, bank accounts, cedrtain type of pension plans. Also, you you must consider the type of debts you are planning to discharge, there are several types of debts, i.e. student loans, that may not be discharged. Regardless, there are exemption limits that one may protect under the Bankruptcy Code.

Re: what are considered assets?

Assets are generally of two types. First, there are real property assets (real estate) and according to your question you have no real property. The second type of assets are personal property. In the bankruptcy you will be required to prepare and file a list of all of your major personal property. Personal property assets are everything other than real property and includes such things as cars, clothes, furniture, IRA's, boats, 401K's, checking accounts, jewelry. This is just a partial list.

You can definitely file bankruptcy even if you own assets. In fact most people have assets when they file and normally the person filing is permitted to keep all of their assets. Please feel free to call me personally to discuss your situation in more detail. I would be pleased to serve as your attorney in this matter. ph. (800) 303-0720