A lot of people believe that if they file for bankruptcy they will lose their belongings. This is untrue. In most cases you are able to keep your belongings no matter what chapter of bankruptcy you file for. The bankruptcy code allows for the use of exemptions to protect your property. These exemptions cover the majority of your personal property, vehicle, home, retirement accounts, and, in some cases, cash. If property is exempt, the bankruptcy trustee cannot attempt to intercept it to sell and pay your creditors. If you are having problems with debt and are worried about keeping your property, contact me today and I can help.
Even if your property is not exempt, there are ways to keep it. Check back tomorrow when I will be writing a blog on keeping non-exempt property in chapter 13 bankruptcy.