Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
1) Are you asking about a Bankrutpcy for yourself personally or for your business?
2) Do you own a home? If so, how much equity does the home have? (Equity = current market value minus the balance of the mortgage.)
A Bankruptcy filer is allowed to keep up to $23,250 in cash or from $75,000 - $175,000 equity in the home they live in (because of the homestead exemption).
You cannot protect the entire $100K if you keep the money in the bank, but you are allowed to convert that non-exempt asset into an exempt asset by purchasing a home.
That is the only way to protect that asset if you file a Bankruptcy.
I think this is what you wanted to know. If not, please let me know.Thank you.