NO MERCEDES: People considering bankruptcy to dig...

NO MERCEDES: People considering bankruptcy to dig out from the mountain of bills always ask what the courts will let them keep. Attorney Bruce White (D4) says the main thing a bankrupt can hang onto is a limited amount of equity in a home. . . . Homeowners can also keep $1,200 worth of equity in a car, up to $2,500 worth of jewelry, heirlooms and artworks, and up to $2,500 for tools needed in a person’s trade. Non-homeowners get to keep an additional $7,900 of whatever they want to make up for not having equity in a home.