• Free Bankruptcy


    Start on the road to financial freedom; contact us today for a free evaluation.

    Start Now
  • Read What Our

    Clients Are Saying

    Our results speak for themselves; see what our clients are saying.

    Read More
  • Seven Convenient


    We have many locations to serve you, click here to find your nearest location.

    Contact Us
  • Meet Our


    Our team has 30+ years of experience. Get an experienced team on your side.

    Click Here

Exempt vs. Non-Exempt Assets

Bankruptcy rules and regulations can be incredibly complex. However, understanding the basics of this process will help make you a better consumer and a smarter customer. The law differentiates between two types of assets when it comes to a bankruptcy discharge: exempt and non-exempt property.

401k - Nest Egg

Exempt property consists of items that cannot be touched by the bankruptcy court or liquidated by your creditors. Examples include your main car, clothing, household furniture, retirement savings, and Social Security. Non-exempt assets are those that the debtor may have to sell during bankruptcy. These can consist of vacation homes, investment accounts, second cars, and other items with high cash values.

Making sense of the bankruptcy code requires years of expertise. For this reason, it is essential to have a skilled lawyer by your side during the entire discharge process. At Cutler & Associates, we have been helping Chicago and Schaumburg families for more than two decades. Call (847) 868-2265 today to schedule a free, no-obligation appointment to learn if your household would benefit from filing for bankruptcy.

FREE Bankruptcy Evaluation

Fill out the form below and one of our experienced attorneys will get in touch with you immediately.