Tuesday, August 21, 2012

What can I keep when I File Bankruptcy?

What can I keep when I File Bankruptcy?

The Myth is You Lose Everything When You File Bankruptcy
The majority of people we meet with believe that if they file bankruptcy they will have to give up their home, cars, furniture, basically everything they own. In fact most people can’t understand how someone could file bankruptcy and keep anything. It pays to be informed, this is how bankruptcy works.

Bankruptcy Options Are Flexible and You Can Usually Keep All Your Assets
What you can keep in a bankruptcy case depends in part on which chapter is filed, and what exemptions (protections) are available under applicable law.  In a Chapter 13bankruptcy or Chapter 11 reorganization bankruptcy case, you can keep all your assets, but you may have to pay out a certain amount to your creditors through a “plan” of repayment to cover the value of any non-exempt assets.

In a most Chapter 7 bankruptcy cases, you get to keep any assets that are exempt.   In the vast majority of cases, you get to keep everything.  Why?  Because a experienced bankruptcy attorney is not going to file a Chapter 7 case if you’re likely to lose significant assets by doing so.

Start With A Consultation
The best thing to do if you have debts you cannot afford to pay is to have a consultation with a bankruptcy attorney to explore your options.  The worst thing to do is nothing, or to assume you know enough about the law and decide there’s no reason to explore your options. Call King and King for a free consultation today 404-524-6400.