What Can I Keep in a Bankruptcy?
Many people come into our offices with concerns about the possibility of losing everything they own. Friends and relatives may have told them about what happened to the third cousin of their next door neighbor's friend at work. Stories like that tend to not reflect the reality of bankruptcy laws.
To know what you can keep — and you can keep a lot — contact an experienced bankruptcy attorney.
602-468-3328 · 602-GOT-DEBT · or Send an E-mail
Every situation is different. The best way to find out what you can keep in a bankruptcy is to make a list of your possessions and talk to a bankruptcy lawyer.
- In most cases, you can probably keep your home. But you may want to give that some thought. Do you owe more than your home is worth? It could be years before your home is worth more than you owe. Contact wantafreshstart.com to ask your lawyer about options, including how to stop home foreclosure.
- You can most likely keep your car. Bankruptcy courts know that you need your car in order to work or go to medical appointments. In a Chapter 13 bankruptcy, you can, in most cases, keep your car unless it is considered a luxury vehicle. In Chapter 7 bankruptcy, your car may be used to satisfy credit card and other debts, but every case is unique. It is best to talk to an experienced bankruptcy attorney. When you file, that will stop car repossession.
- You can keep most of your stuff most of the time. Your situation is different from anyone else's, however, so it is a good idea to talk with a lawyer. Know what exemptions you are entitled to. The bankruptcy laws are designed to give you a fresh start, not strip you of everything you need for that fresh start.
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You can contact wantafreshstart.com any day of the week. When you call, you will have access to an experienced attorney — and that lawyer will be available to you throughout your bankruptcy. Contact us for a free consultation with no obligation in the Phoenix area and throughout Arizona.
