Keep your property and assets in bankruptcy
It is a common misperception to think that if you file for bankruptcy you lose everything you own.
That is simply not the case. Now, are there horror stories out there circulating? Sure, but that is not the norm. Once you meet a competent bankruptcy attorney, then he or she is going to ask you about all your assets and things you own. Once your attorney learns about assets you own, then he or she is going to advise as to how you can file for bankruptcy and keep your assets and property. Of course, there are situations where your assets will be at risk if you file for bankruptcy. In those types of situations, your lawyer should advise you of the risks involved and perhaps offer some non-bankruptcy solutions.
In general, here are some key points to remember:
Chapter 13: Generally speaking, protects all your assets and property. Chapter 13 is not about selling your property and assets. It is about the effective restructuring of your financial situation. Problems arise when proper insurance is not maintained on property or if you are trying to do something that just does not make sense. A good bankruptcy lawyer will advise you on all these issues BEFORE you file so that there are no surprises.
Chapter 7: It does not protect your assets and property, but you may not need the protection. For example, your assets may be exempt under the relevant exemption law. If your assets are exempted, then the trustee will not be able sell them.
If you live in Atlanta Metro Area or in North Georgia, please give us a call at (678) 507-1590 for a free consultation or start a chat with us online. It will save you tons of time and you will learn about your bankruptcy options.
If you are facing an upcoming foreclosure action, click on the preceeding link to learn more about the impact of Chapter 7 as well as Chapter 13 Bankruptcy filings on foreclosure actions.