Can I own anything after bankruptcy?

NJ Bankruptcy Law FAQ

Q) Can I own anything after bankruptcy?

A) Yes. While many people believe that they will be unable to own anything in their own name for a period of time after filing for bankruptcy, this is not an accurate statement. You are permitted to retain any and all exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, property settlement or life insurance benefits within one hundred eighty (180) days after filing for bankruptcy, that money may have to be paid to the creditors if those monies are not exempt.

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