Bankruptcy Attorney

Will I lose anything?

Whether you file for Chapter 7 or Chapter 13 bankruptcy, most of your debts will be discharged. In both types of filing, there are restrictions on what assets you must be allowed to keep. It is not true that it is impossible to rebuild your credit after bankruptcy. In fact, it may be the only way to effectively regain your credit because now you have some room to breathe whereas before, you were not able to pay your debts. Bankruptcy is an extremely valuable tool that will allow you to get a second chance financially. Speak with a Bankruptcy Attorney today to discuss your options.

About Bankruptcy

Although in Chapter 7 filing, most of your debts will be discharged by the liquidation of your assets, there are many assets that do not qualify for liquidation and are exempt. Some of the assets that you will be likely to keep are as follows:

Your Home- You will likely be able to keep your home in a Chapter 7 filing as long as you are up to date in your mortgage payments. If you are not up to date on your mortgage you may not be able to keep your home and this will clear to you before you file. There can be actions taken to save your home during the "automatic stay" such as selling it or other option. In a Chapter 13 filing, even if you are behind in the mortgage you may be able to keep your house as long as you adhere to your payment plan which will be thoroughly discussed with you when you meet with our attorney.

Your Car- In the case of a second car or recreational vehicle, it is possible that you may not be able to keep it. However, if the car is not a second car or recreational vehicle, you will likely be able to keep it as long as the payments are up to date in a Chapter 7 filing. With Chapter 13 filing, it is very possible that you will be able to keep your car regardless of whether or not you are behind on your payments.

For more information on what assets can be kept and what may be lost, speak with an attorney from our firm today. You deserve a clean slate and a new financial future.

Contact a Bankruptcy Attorney from Bizar & Doyle today.