What other assets are protected in bankruptcy?

There's a variety of assets that are protected in bankruptcy. These are referred to as exempt assets. Exemptions include your homestead, so if you're current with your payments and you want to stay there, just continue to make your payments, and you should be able to keep your home. You have a certain amount of personal property that's exempt as well. Personal property is your money and your stuff. Your 401-K, IRAs and most retirement plans are exempt as well, and you have a certain amount of equity in a vehicle. There are other exemptions that apply under the bankruptcy code, so you should talk to your lawyer about everything you own, to determine whether those assets are exempt.

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