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What Assets Do I Get to Keep?

Generally speaking, most people get to keep all of their assets. The reason for this is that the value of most debtor’s assets does not exceed the exemption protection limits. In other words, most debtors do not have “too much stuff.” If you have items that are not exempt, the Chapter 7 Trustee may, generally, takes possession of that item, sell it, and pay administrative costs and money to your unsecured creditors.

Generally, debtors in 95% of cases do not lose a thing. Assets that can be protected under federal bankruptcy law can be found in 11 USC § 522. Assets that can be protected under Washington state law can be found, in part, under RCW 6.15.010.

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