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What Can I Keep After My Bankruptcy Attorneys in Eden Prairie MN File Me?

Posted by William Kain on April 1

Everybody asks our Bankruptcy Attorneys in Eden Prairie MN what they get to keep and what they have to lose after they file bankruptcy. However 98% of all bankruptcies that are filed are called no-asset cases, meaning that you will get to keep everything that you own. This is because most everything these days is exempt by an attachment from a creditor- contrary to back in the mid to early 1800’s before bankruptcy started. Prior to the formation of bankruptcy in the 1870’s if you owed someone a lot of money they would take you to court, get a writ of attachment, come to your home in Eden Prairie and literally take everything you own. The problem with this is that those people who lost everything would become a burden on the state; the government would have to support them. Well the government didn’t want to do that anymore so they created a list of things that are exempt from attachment. Meaning the creditors can’t get them or have them liquidated to pay your debt. We still have this list today.

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