Prepaid Debit Cards and Personal Bankruptcy
Many bankruptcy clients have prepaid debit cards to list among their assets. This is not usually a problem as the balance can be exempt from the Trustee. How does this work? In a Chapter 7 personal bankruptcy, you are entitled to certain exemptions: your home, your car, and your personal items, are all exempt up to a certain amount. Your prepaid debit cards are simply one more asset that needs to be evaluated before filing for a fresh start in bankruptcy. Read more