What assets can be kept in a bankruptcy?

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What assets can be kept in a bankruptcy?

My brother has no income but will soon be getting a small SS check and small IPERS check. His only asset is a mobile home worth about what he still owes. He has no other income or assets. He has about $20,000 in credit card debt and is considering filing bankruptcy because he has no means to pay off that debt. If he files bankruptcy, will he be able to keep his mobile home and all his IPERS and SS money?

Asked on August 30, 2013 under Bankruptcy Law, Iowa

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

So long as your brother is current on his payments for the mobile home then he will not lose it in a bankruptcy filing. Likewise, he will be entitled to keep his IPERS and SS money. I suggest that your brother look on attorneypages.com for a bankruptcy attorney in his locality to assist him in his matter.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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