Assets
When filing a chapter 7 bankruptcy yes people could lose certain assets. Assets are homes, cars, boats, lake lots, stocks, bonds, cash in the bank, 401 k’s, guns,
clothes, jewelry, and, just about any thing you can own. But filing a bankruptcy does not mean you will lose anything but under certain conditions yes you could.
To help cover assets there is State law and Federal law and depending on your assets your attorney will use what will fit your assets the best.
Example of state law in Texas depending on how long you have had your home it could be paid off with 100,000 equity and it would be protected In other state they have a limit as too how much equity you can have the same with federal law it only lets you have so much equity. If husband and wife are filing the two cars are covered. Boats, airplanes, lake lots, certain gun collection, stocks and certain amounts of cash yes these could be an issue.
The biggest thing you need to do is be honest with your attorney. He can let you know what could be an issue or not. If something is you can always go into a chapter 13 and keep everything but you might have to pay more to you unsecured creditors.
If you would like to find more information about attorneys in your area, such as a bankruptcy lawyer in Alabama or a bankruptcy attorney in Alaska, please fill out a free evaluation.
Please fill out our free evaluation form to determine if bankruptcy is right for you.
