Are precious metal assets (Gold, Silver, Platinum) protected during Chapter 7 Bankruptcy?

Any non-exempt assets can be sold by the Trustee if there is enough of a return. There are no special reasons to protect precious metals over anything else and, if anything, they are more easily liquidated than other property.

This question strictly depends on the state in which you live and how much precious metals you have. The precious metals are definitely assets and to the extent they can not be exempted, you would lose them to the estate so they could be liquidated and proceeds used to satisfy your debts. Do not construe this as legal advice. Consult a bankruptcy attorney in your area immediately.

All of the assets that you own at the time of the filing must be listed and a value must be attributed to it. So yes physical metals would be a asset that would be disclosed. When you consult with a bankruptcy attorney they will conduct a liquidation analysis of your assets. It is very common to file a bankruptcy and not have any assets liquidated. In order to protect your assets you must properly exempt out the value of the asset. In Connecticut you can either elect State of Connecticut exemptions or federal. There is no specific exemption under state or federal for physical metals but could use the wildcard exemption towards it. Make sure you consult with a bankruptcy attorney for more information. I do offer an initial consult at no charge.

You are asking what exemptions are available to protect your assets in a bankruptcy case. That depends on which state or federal exemption law applies in your case, which in turn depends on where you lived for the 2 years (and possibly 2.5 years) prior to filing your bankruptcy case. There's no way to determine which of your assets (and how much) can be protected without having a comprehensive consult with an experienced bankruptcy attorney in your area. See my page on exemptions below for more information.

Attorney Markus states the most important thing first to know: where you have lived as no attorney can answer your question without knowing where a persons has lived in the past and how long in case you have not lived in CT the last 2 yrs! Second, you don't state the actual estimated value of your assets but other assets you own affect exemptions also! Thus, the value of those some person might state you can protect but another person with other assets but including the same value of your metal assets may not be able to...and that is why an entire case must be looked at on all assets, and all debts, and your history. Lastly, because you are asking that question means to me you have not discussed with an experienced bankruptcy attorney. You already have one in your state on answering your question. But here are reasons and goals that you really need to realize affect your thoughts and your case. You need and want to enjoy your fresh start also. But the most important thing is to meet with an attorney as you asking this question means you have not. You care about 2 goals: keeping everything you have equity in and discharging all your debts. If you don't have any of the exceptions to discharge you will obtain that goal; most exceptions are set forth in 11 USC. 523 (Google it) like child support, some income taxes, traffic (in a ch 7) and criminal fines , and presumption of student loans. But some debts are dischargeable in a ch 13 but NOT in a ch 7 so you want to make sure and your attorney will discuss any such types with you also! Your exemptions depend on what state you have lived in in the last 2 years and thus if in your state, then your states exemptions will apply. Most persons filing keep everything they own but your attorney will confirm that with you when they learn everything you own and the equity thereof! Some secured debts like homes, vehicles, other secured debts an attorney will discuss your options on also as you must list any debts; but that does not mean you will lose them unless you have too much equity or are in default on paying for them! Discuss those options if they apply with your attorney too. But other issues can arise that can greatly harm your case. Just one example: If you paid back a relative $3,000 11 months ago and now file bankruptcy next week in CT, the trustee can SUE that relative to retrieve that $3,000 (under what is called a preference) for the benefit of the bankruptcy estate. As a result, most attorneys don't charge to meet with them the first meeting so meet with one no matter what. Many great attorneys can be found right here on in your state so look, call, and meet one as soon as you can. You should also want to know when to file: is there an advantage of waiting versus filing now and who should you pay between now and then! Good luck and enjoy your later fresh start.