By Ellen Wright
Pets are valuable to us. They are friends, companions and in many cases emotional support animals. There are people that have therapy pets that help alleviate anxiety and depression. But make no mistake – animals are considered assets an people often pay hundreds, even thousands of dollars for their pets. Exemptions allow you to keep a certain amount of assets safe in bankruptcy, but what about your pet? What if you don’t have any exemptions left to protect your pet from the bankruptcy trustee in a bankruptcy filing? In this guide, we discuss certain things that you need to consider if you have any pets that you want to protect if you should have to file for bankruptcy.
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