Keeping Your Property
If you’re considering bankruptcy, keeping your property is likely one of your top concerns. You may worry that bankruptcy will force you to give up everything you have, not only leaving you without debt, but also without much of your property. Fortunately, that isn’t the case.
Here’s the truth: It’s extremely rare to lose any belongings during bankruptcy. Why? Because the law is designed to protect people in your shoes from becoming destitute. It establishes bankruptcy exemptions that shield many types of property from creditors. This is true of both Chapter 7 and Chapter 13 bankruptcy.
Examples Of Property You Can Keep
Depending on your situation, you will likely be able to keep:
- Your home
- Your furniture
- Your car
- Your college savings account
- Your retirement account, pension plan and 401(k) plan
- Your personal belongings
- Your unemployment or workers’ compensation benefits
- Your veterans benefits
- Your Social Security benefits
Of course, every situation is different, which is why it’s so important to speak with a lawyer about your options.
Get Legal Guidance On Your Situation
At Wootton & Wootton, a bankruptcy law firm with offices in Durham and Henderson, North Carolina, our attorneys can take a close look at your financial picture and walk you through how bankruptcy can help. We’ll make sure you take advantage of all the protections available under state and federal law to keep your property.
The first step is to call 919-794-8660 or contact us online to arrange a free initial consultation. If you decide to move forward, you won’t have to pay any costs until filing (for Chapter 7) and no money upfront for Chapter 13.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.