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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.
Mr. Johnson, I would like to thank you for having an exceptional staff and for assisting me in my time of financial distress. Everyone was professional but at the same time very caring even when I was having a complete meltdown, your staff never lost patience…
Working with my Attorney was a very comfortable experience. I was scared going into the Chapter 7 bankruptcy process and didn’t know what to do. She walked me through the whole thing step by step. I would recommend her to anyone. Not only was I going through…
When I started at Acclaim they were every helpful in explaining the things i need to know an what all the paper work i needed to get together. As i went through all the process on my Chapter 13 bankruptcy they kept me informed of all i need to do and to get for them. If…
I often email you guys with a load of questions or asking for things… but I wanted to take this time to say thank you for all you do. You guys work hard and have been extremely dedicated to helping me with the various things that have come up – even with those…