If You File Chapter 13 Bankruptcy, Can You Keep Your Assets?

If you are worrying about losing your car, home, or other assets upon filing for bankruptcy, Chapter 13 may be the better option for you. Chapter 13 reorganizes your debt into a repayment plan and protects your property.

 

If you have a large amount of assets, Chapter 13 bankruptcy offers advantages that may make it suitable. You can save your home, your car, 401k, and more. Your bankruptcy attorney will review your case with you so you can make an informed decision.

 

Another advantage of Chapter 13 is that you know going into it that the repayment plan will work for you because it is built from your current financial situation and income. Under your repayment plan, you may only pay off a portion of some debts but may pay off others entirely.  Each case is different.  Your attorney tailor-makes your case for you, depending on a variety of factors.

 

For most clients, the duration of your repayment plan typically lasts from three to five years. King and King will evaluate your situation and determine if Chapter 13 bankruptcy is right for you. Call our office today at 404-524-6400 to schedule a free, confidential consultation to discuss your options or visit us at www.kingandkingattorneys.com.

Can Bankruptcy Get Rid Of All Your Credit Card Debt?

Bankruptcy can wipe clean your unsecured debt. Here are examples of two types of debt, secured debt which include mortgages and auto loans and unsecured, meaning there is no collateral associated with it. Credit card debt is the most common type of unsecured debt.  King & King can help you get rid of your credit card debt and get a fresh start.

If you qualify for Chapter 7 bankruptcy, you can expect your credit card debt to be eliminated. If you do not qualify for Chapter 7 relief, you have the option to file for chapter 13 bankruptcy. Chapter 13 may be appropriate if your income is too high to qualify for Chapter 7. Chapter 13 bankruptcy would allow you to repay as much of your credit card debt that you can afford to repay based upon your available income, and the remaining amounts would be eliminated.

If you are facing insurmountable credit card debt, King & King can help. Call today at 404-524-6400 for a free consultation. We can help you figure out the best way for you to eliminate credit card debt and get a fresh start. https://kingandkingattorneys.com/