Q.What assets can I keep, if anything, if I file bankruptcy?

A.Exemptions allow a bankruptcy petitioner to "exempt", or keep, certain kinds of property. State law defines what assets are considered “exempt,” and while the laws differ from state to state in general a bankruptcy filer may keep his or her: (1) vehicle up to a certain amount; (2) jewelry; (3) home furnishings and apparel; (4) trade tools and equipment necessary to continue working; and in some cases (5) home residence.

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