Bankruptcy and Your Pet

West Caldwell is a canine’s paradise. After all, the area has trails, parks and other places that are perfect for pooches. If you have a dog, you also likely have a better quality of life. In fact, according to psychologists, spending time with a furry friend boosts emotional well-being. Because you love your pet, you want to be certain it stays with you forever. 

If you have bills you simply cannot pay, you likely have a tremendous amount of stress. Fortunately, you also have some options for securing a better financial future. If you are thinking about filing for bankruptcy protection, you probably realize you may have to part with some assets. Will bankruptcy require you to sell your dog, though? 

Dogs are not usually worth much 

With a Chapter 7 bankruptcy filing, you sell certain assets to pay creditors. Then, the bankruptcy process discharges many debts the sale of your assets does not cover. While your companion animal is a disclosable asset under the law, it is probably not worth much. Furthermore, the cost of selling a dog likely outweighs any financial benefit to the bankruptcy trustee. Accordingly, unless your dog has significant value on the market, you probably do not have to worry about losing it during the bankruptcy process. 

You benefit from certain exemptions 

While a bankruptcy filing may require you to part with some assets, you do not have to sell everything you own. In New Jersey, there are some exemptions. If your property falls within one of them, you can keep it. As such, even if your dog has value to the bankruptcy trustee, you may be able to use an exemption to avoid selling your pet. 

You should not have to live with the constant anxiety that comes from having too much debt. After all, financial stress can take a tremendous toll on your mental health. Luckily, when you are getting your financial affairs in order, you can likely have your dog by your side.