Local Law Firms Home > Bankruptcy Overview > Chapter 7 > Non-exempt Property: Valuable Collections A valuable collection, such as stamps or coins, may not be something that someone would worry about when filing a Chapter 7 bankruptcy, however, it is important to realize that these types of collections are often non-exempt property. In other words, if you own a valuable collection of stamps, coins, or type of asset, you may have to give up your collection if you file for Chapter 7 bankruptcy. People often spend most of their lives building these collections and it becomes more to them than just something that’s worth value—it’s a part of them. Perhaps they inherited it from a family member and the collection holds sentimental value. Whatever the case may be, our bankruptcy law attorneys can help you explore other options aside from Chapter 7 bankruptcy if you own any non-exempt property, such as valuable collections. If you have already declared Chapter 7 bankruptcy and you are concerned about losing your valuable collection, our Chapter 7 bankruptcy lawyers can help fight for your rights to keep what rightfully belongs to you.
Do you have legal questions regarding Chapter 7 bankruptcy and non-exempt property, such as a valuable collection of stamps or coins? Our bankruptcy law attorneys are here to help answer all of your questions and inform you of your rights. Contact a bankruptcy lawyer in your area today for more information. Did you know? Keep in mind even when you file Chapter 7 bankruptcy in certain states and you have a lot of property which is non-exempt, there is potential to find a way to keep it. The last thing you want is to attempt to trick the system and become guilty of fraud. This will cause your declaration to be void and you can face criminal charges. |