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.
