Not likely.
This is one of the most frequently expressed concerns expressed by individuals or married couples considering Chapter 7 bankruptcy. The facts are that most individuals or married couples who are eligible for Chapter 7 bankruptcy can keep their home, their vehicles, their furniture, their retirement accounts and their other possessions. Every person or married couple who files Chapter 7 bankruptcy is entitled to keep property worth up to a certain amount that is set by law. The vast majority of individuals and married couples who file Chapter 7 bankruptcy keep everything they own. It is very important to keep in mind that there are limits to the value of property you can keep in a Chapter 7 bankruptcy and not all types of personal property and other assets are protected in a Chapter 7 bankruptcy. You must consult a knowledgeable bankruptcy attorney to learn the details of what types of assets can be protected and the limits of that protection. If the total value of your assets exceeds the dollar amount that can be safely protected in Chapter 7 bankruptcy, you may be eligible to consider a Chapter 13 bankruptcy.It is important to spend the proper amount of time discussing what you own with an experienced bankruptcy attorney. Often it is important during these discussions to not only discuss what you own but provide some details about your assets. This is one of the reasons why a thorough, detailed and individualized discussion during the process of preparing your bankruptcy case and prior to filing a bankruptcy is not only important but critical in protecting what you own. Cutting corners, cutting short a thorough discussion about your assets or taking a “one size fits all approach” may be detrimental to the goal of eliminating your debt and preserving your assets. At Kinkade & Associates we take the necessary time to understand your unique situation and obtain the necessary information to maximize protection of your assets.
Your opportunity for debt relief begins with a phone call to set an appointment with one of our experienced debt relief attorneys. Please give us a call or contact us by email by filing out the contact form on this page.