Will I Lose My Belongings During Bankruptcy?
January 5, 2012
We understand that you are, likely, very concerned about losing your belongings if you file bankruptcy. We commonly receive questions like these: “Do I have to give up my wedding ring?” “Can I keep my computer?” “What can I do to protect my home?” “What about my car? How will I get to work?” After all, you need the basics to start over and take care of yourself and your family.
Most folks are happy to learn that whether they file Chapter 7 or Chapter 13 bankruptcy, many belongings can be protected.
· Chapter 7 bankruptcy allows your belongings to be protected through exemptions. In fact, the vast majority of people, who file Chapter 7 bankruptcy, keep all of their belongings and assets.
· Chapter 13 bankruptcy allows you to keep whatever belongings you can continue to pay for.
If you have assets that don’t qualify with an exemption, a qualified bankruptcy attorney can show you how to protect them.
· Proper, lawful, pre-bankruptcy planning can help you keep more assets, and keep you from having problems with the trustee because of well intentioned mistakes.
· In addition, your bankruptcy attorney can show you how to pay the bankruptcy trustee so you can keep something of sentimental value or financial worth. For example, if your house has more value than is exempt, you can pay the difference between the exempt amount and the fair market value, allowing you to keep your home.
However, if you don’t have the cash to pay the difference (equity – exemption), or if you can’t make-up past and make future payments, you’ll need to turn the asset over to the bankruptcy trustee. This sometimes happens when people own expensive cars or houses.
Where to Get Help Protecting Your Belongings during Bankruptcy
Bankruptcy, and protecting your belongings, is a very specialized area of law; be sure your attorney focuses his or her practice on bankruptcy and helping people like you. We focus our practice on bankruptcy law and help people just like you, every day. You can reach us at 513-793-6555 or Thomasjr@geygan.com.
We will gently walk you through the bankruptcy process, answer your questions, analyze your case, aggressively fight for your legal rights, and protect your belongings. Your next step is to contact our office. We look forward to your call, email or completing the form below.
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