A recent article in the Wall Street Journal regarding What is Protected in a Bankruptcy it stated that by year end, more than 1.6 million people are expected to have filed for personal bankruptcy, according to the American Bankruptcy Institute.
If you are considering such a move, these five assets might be protected.
Holding on to your home depends on the state you live in and typically the amount of equity in your house. In general, if a home is worth less than the mortgage balance, the owner can keep it as long as the payments stay current. If there’s equity in the home, most states offer an exemption-money from the trustee’s sale of the home that stays with the homeowner.
Read more of the article at http://www.smartmoney.com/personal-finance/debt/filing-for-bankruptcy-what-can-you-protect/