When you file bankruptcy you can keep any of your personal property and belongings, which includes but is not limited to family heirlooms, your vehicle, your home, and most if not all of your household goods. It’s important to retain a good attorney to ensure that you protect as much of your personal property as possible.
If you owe more money on goods in your possession such as your vehicle, generally speaking, the bankruptcy court won’t sell them. This is because there wouldn’t be any funds available for your creditors. In many cases if the property is worth more than you owe on it, a good attorney can prevent the acquisition of these items by creditors by utilizing the state bankruptcy exemptions laws to protect you and your possessions.
The next beneficial point about this subject matter. In many cases you can be much more prone to losing your possessions if you neglect to file bankruptcy. This is because there is no legal protection to keep creditors from suing you and garnishing your wages, taking funds from your bank account, or seizing your belongings. It leaves you open to missing important bills that may damage your credit such as but not limited to
Bankruptcy is a serious decision that needs to be thought at wisely and responsibly. You’ll have this attached to your credit report for 7 to 10 years. This obviously is a very long time. Nonetheless, if done right and for the right reasons, it gives many a fresh and renewed start on their life. As always recommended a good lawyer is very important in the decision making process. Utilize every option possible, but when you have no place to go, many they loose less more than they think.
Local bankruptcy attorneys typically always offer a free consultation. This give you the ability to get your questions answered while interviewing them at the same time to see if they seem like someone you could work with.