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This is most often not the case. Here are some of the standards for Chapter 7 and Chapter 13:
It is possible to keep your home while filing for Chapter 7 bankruptcy depending on how much equity you have in the home and assuming you are current on the payments. In general, most standard household possessions are protected in a Chapter 7 with the allowed bankruptcy exemptions. “Exemptions” are laws which protect specific types of property during the bankruptcy process.
The same is true for a vehicle, you will not lose your car in a Chapter 7 bankruptcy unless you are:
- behind on payments;
- have excessive equity in the vehicle or;
- you wish to surrender the car because it is no longer affordable for you to keep it.
Chapter 13 is reorganization plan designed to set up repayment terms with your creditors and help you to protect your home and property and prevent foreclosure. Unless you cannot afford your mortgage, property taxes or don’t wish to keep your home, it’s protected and you can set up repayment terms if you are behind on payments. The same is true of other property such as vehicles, furniture, etc.
When you meet with the attorney for the initial free consultation, we will review your debts obligations, assets, income and overall circumstances. We provide a comprehensive and complimentary financial evaluation. We will advise you on how to best resolve your debt obligations while protecting your property.
Take the first step toward peace of mind.
We’ll connect you with a debt relief attorney for a free, no-pressure consultation.
I am writing to thank you for your excellent, client-oriented service through a difficult financial hardship.
I would recommend Acclaim Legal Services (ALS) to anyone seeking relief to the gradual and stressful, and at time, overwhelming pressure of financial debts.
After a thorough…
I would like to tell you how pleased I am. The service and manner your office provided was super. After I was started with the Chapter 13 process, I have since told 14+ people about your services. I would also like to mention that in 2010, I ran into Bill Johnson…
From one very satisfied customer!
It has been very pleasant to have Chris Jones helping with the bankruptcy process. At first you think you know everything by reading few things here and there from various web sites. Then when you meet Chris in the first 30 minutes you realize that you really…
I truly wish that Chris and Cindy had been our legal team from the beginning. We did not know what to expect, we were very uneducated about the chapter 13 process.
Our attorney of record prior would not return email, calls and when I made appointments was not available to help or answer questions.…