Can I Keep My CD If I File For Bankruptcy?

11 Aug Can I Keep My CD If I File For Bankruptcy?

Is your Certificate of Deposit protected if you file a bankruptcy case? Maybe. What else do you have, and are you using the federal or a state’s list of exemptions (protected assets)?

The federal list has special protected values for special assets, not including cd’s. It also has a wild card exemption, which you can apply to anything, of $1,075.00 per filer $2,150 if married) plus up to $10,125 per filer of the unused home equity protection.

There’s only a $500.00 protection per filer in Massachusetts for all bank accounts, including CDs.

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L. Jed Berliner practices exclusively in consumer bankruptcy, foreclosure defense, and related consumer protection litigation such as credit card defenses and suing debt collectors. He established his Springfield, MA practice in 1988. Attorney Berliner is a regular and active contributor to the Bankruptcy Law Network, the Bankruptcy Roundtable, and the National Association of Consumer Bankruptcy Attorneys, three specialized consumer bankruptcy forums on the Internet, and is an informal mentor to regional practitioners. He is recognized by his peers as an expert in consumer bankruptcy issues. He thoroughly enjoys being rated "excellent" in his client surveys.

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