Hold On to Your Home, Car and Other Property in Bankruptcy
For many people who are facing insurmountable debt, the prospect of losing their homes, cars and other property can often be a deterrent from filing for Chapter 7 bankruptcy protection. Knowing your rights and what you can keep after a bankruptcy is important and an experienced bankruptcy lawyer can give you honest answers about the process.
For most people, filing for Chapter 7 bankruptcy will not cause them to lose their homes, cars or other property, as long as they are willing to keep paying for that property. You can use exemptions under bankruptcy law to keep your property, while discharging other debts, such as credit cards and medical bills.
In some cases, getting rid of these debts allows people to get current again on their mortgages, car loans and other property loans, and gives them a fresh financial start after the bankruptcy process is finished. At my firm, I, Charles Nettles, can provide the answers and advice you need about what property you can keep in a Chapter 7 bankruptcy.
What Can I Keep After Bankruptcy?
A lot of what I do as a bankruptcy attorney is answering my clients' personal concerns about the process of bankruptcy and the consequences of filing for bankruptcy.
Theoretically, a person who can start repaying on property right away will have no problems keeping that property. Bankruptcy will automatically stop any foreclosure proceedings and repossessions and provide relief from these collection activities.
In some cases, however, it may be in a person's best interest not to keep a home or other property. If the person cannot afford the home or property, it is not always advisable to keep that property, as it will not solve the original problem. Understanding what is in your best interest is not always easy and I can provide honest information about your best options.
Look at the Big Picture of Debt and Your Financial Future
While most people want to hold on to their homes at all costs, I will help you understand the big picture of debt and what it means to hold on to your property. Contact my Austin law firm if you are considering bankruptcy and what to know the property you can keep and how that will impact your finances.
Send me, Charles Nettles, an e-mail or call my office at 512-443-5545 (toll free at 800-460-5555) to make an appointment for a free initial consultation.
I am a Board Certified Bankruptcy Attorney assisting Individuals and Small Businesses File Bankruptcy.
