Will I have to give up any of my property to

creditors?

Typically, the only reason why someone loses a house or car in bankruptcy is that their situation changes somewhere along the way and they no longer can afford to keep paying for their house or car. There is a general rule in bankruptcy and outside of bankruptcy: If you want to keep your possessions, then you must continue to pay for your possessions. So, if you want to keep your house or car, you simply keep paying for them.

Want to see how bankruptcy can help you? Call 210-930-7000 to schedule your Free Debt Consultation.

What if your house and car paid off? In bankruptcy, you protect your house, car and everything else you own by claiming them as exempt under specific exemptions. In a typical case, everything is protected and the person that files bankruptcy gets to keep everything that they own. In the event that a client owns something that cannot be protected and claimed as exempt, then the person has the option of not filing bankruptcy, or choosing a Chapter 13 bankruptcy so that they can keep their property.

Need Help Understanding All Your Options?

Want To See How Bankruptcy Might Benefit You?

Call 210-930-7000 To Schedule Your Free Debt Consultation.

Can I Own anything after bankruptcy?

YES. Many people believe that they cannot own anything for a period of time after filing for bankruptcy. NOT TRUE. You are able to keep your exempt property and anything you obtain after your bankruptcy case is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after filing for bankruptcy, that money or property may have to be paid to your creditors if the property or money is not protected in your case.

 I have several clients who have purchased new homes and new cars during and after a bankruptcy case is filed. There is life outside of bankruptcy. Bankruptcy provides a way to get out of debt. Bankruptcy does not stop individuals from reaching their life goals.

Relief is a phone call away!

210-930-7000

Need Help Understanding All Your Options?

Want To See How Bankruptcy Might Benefit You?

Call 210-930-7000 To Schedule Your Free Debt Consultation.