Exempt Property In A Bankruptcy

Exempt Property in a Bankruptcy

Many people fear that, if they file for bankruptcy, they will lose everything they own. This is a very common misconception. The purpose of filing for bankruptcy is to give you a fresh start free from the burdens of excessive debt, not to take your property and make you start over with nothing. In those limited situations where assets are exposed, we will recommend bankruptcy alternatives.

Bankruptcy law allows you to keep certain property that is necessary for you to live a normal life. This is referred to as exempt property. When you hire the Collegeville, Pennsylvania law firm of Nahrgang & Associates, P.C., we work hard to help you find a debt relief solution that protects your assets.

Understanding Your Rights

Our attorneys have extensive experience in all areas of bankruptcy law. We will take the time to help you understand all your benefits under the law and all the rules regarding the exempt property. We will work with you to determine the best debt relief solution for your circumstances and devise a plan to help you reach your goals.

While this is not a complete list, exempt property includes:

  • A certain level of equity in your home
  • The equity in your car, up to a certain value
  • Household goods and furnishings
  • Clothing
  • Jewelry up to a certain value
  • Tools and equipment necessary to do your job, up to a certain value
  • Most retirement accounts
  • A "wild card" exemption in any asset, including cash, up to one-half of the house exemption
Call for a Free Initial
Contact our office today to discuss your bankruptcy or family law questions. You can reach us by phone at 610-489-3041 or via e-mail. We will respond promptly to all phone calls and emails, within 24 hours.
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I have dealt with Matt for a few years for a couple of matters for myself and for my mother-in-law. Matt has always been a man of his word; anything he said he would do was done as expected. He provided timely and accurate advice when requested. Matt never pushed services that were not required and at certain times he recommended less costly services that would achieve the same results. I highly recommend him as very honest and ethical. He always disclosed fees in advance and there were never any "surprise" fees.— jimcar13
Mr Nahrgang was easy to work with, and did an excellent job with my case. Though my case turned out to be more complex than we had originally realized, he handled every complication promptly and competently.— eyedoc89
I was first recommended to Matthew Nahrgang by a friend. I was having serious financial issues at the time. I went to Matt and had a conversation which set my mind at ease. He is straight to the point, honest and tells you how it is. No frills kind of guy. He also is confident in his business and knows the law very well, which is what set me at ease. It was not near a big deal as I thought it to be. He does what he says he is going to do and does it in a timely manner. I have used Matt a few times now and I've recommend him to many of my friends and business acquaintances. I highly recommend Matthew Nahrgang!— my1leelee
In relation to my bankruptcy and in retrospect, I was thankful that I had discovered Mr. Nahrgang and had engaged him to respresent me in my case. I found him to be respectful, understanding, highly knowledgeable and trustworthy. I appreciate all that he did on my behalf and have recommended him to friends and family.— Orangefit09
Areas we serve
The Collegeville, Pennsylvania based law firm of Nahrgang & Associates, P.C. represents clients in the counties of Montgomery, Bucks, Delaware, Chester, Berks, Philadelphia, Lancaster, Northampton and Lehigh including the communities of Collegeville, Jenkintown, Doylestown, West Chester, Reading, Media, Allentown, Norristown, Phoenixville, Quakertown, Pottstown, Lansdale, Royersford, Plymouth Meeting, Exton, Conshohocken and King of Prussia, PA.
Our location
Nahrgang & Associates, P.C
35 Evansburg Road, Suite 3 Collegeville, PA 19426
Phone: 610-489-3041
Fax: 610-489-3042