Legal Question in Bankruptcy in Pennsylvania
What can they take
I own my vehicle with a coowner, also I have bank stocks that I am the owner of, but I can not cash them in, they are to be distributed to my children equally, also I own mutal funds. Can any of this be taken from me if I file bankrupsy.
1 Answer from Attorneys
Re: What can they take
Theoretically, you can keep all of the assets that you describe (car, bank stocks, and mutual funds)if you have adequate income to pay back all of your debts in excess of the equity in your property protected under bankrutcy law.
Chapter 13 is usually appropriate for someone with assets they want to protect and adequate income to pay back their part or all of their debts.
Your secured debts must not exceed $807.750 and your unsecured debts must not exceed $269,250.
Which, if any of your assets you can keep will depend on the equity you have in the property in excess of your exemptions,the total amount of your debt, and the size of your income available to pay back your debt.(for a fuller discussion see my website)
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