A common misconception during the bankruptcy process is that people will lose their homes and vehicles. This is not the case and one of the many reasons it is important to speak to an attorney about the right strategy for your needs.
Preparing for a bankruptcy is not as easy as preparing and filing an application. In addition to those items, it requires experience and knowledge of the latest rules and regulations. It is important to get things right the first time, don’t gamble with things you have worked hard to accomplish.
Keeping Your Home
Keeping your home is often the most important question that comes up during bankruptcy consultations. This possibility depends on the circumstances of the case but first it is essential to hire someone who is confident and knowledgeable about the process. Using price as a factor when hiring an attorney can lead to bad results that cannot be changed. Our office aims to be transparent with you and will not gamble with your home. Take advantage of our no obligation consultation.
If your home does not have any equity, then you will keep all your assets. During the consultation, we will discuss what will happen to all your assets and come up with a strategy to retain them.
If your home has equity there are often exemptions which allow you to protect it from bankruptcy. However, this impacts your ability to protect equity in other assets so it is important to get the full picture during the consultation.
Keeping Your Vehicle(s)
If your vehicle has no equity, then you will keep your vehicles as long as you keep making your loan payments.
If your vehicle does have equity, keeping it will depend on many variables such as the present value of the vehicle. The consultation will explain the possibilities to you.