Will I lose my assets when I file Chapter 7?
A chapter 7 bankruptcy is way to discharge unsecured debts. Unsecured debts are usually credit cards, medical bill, cars that have been reposed, Broken apartment leases, and other similar things. When you say discharge the debts you do not or will not ever have to pay them, and they will fall off your credit when the bankruptcy does.
Will you lose things if you file a bankruptcy ? In most cases No! Your home and cars are usually protected meaning you can keep them but if payments need to be made keep paying for them. Now things that you could lose are boats, airplanes, stocks, bonds, a lake house or other such property’s. There are state laws and there are federal laws Your bankruptcy attorney will look at your case and use either exemptions to help cover your assets.
If your assets are an issue you can always file a chapter 13 to protect them.
Please fill out our free evaluation form to determine if bankruptcy is right for you.
