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Are you having trouble paying down your debt? Wondering if bankruptcy is the right decision for you? If you’re interested in more information on bankruptcy, then check out some of these great resources.
If you’re worried that filing bankruptcy will put you and your family through a lot of instability, then you might not have to be as worried as you think. There are actually laws that protect bankruptcy filers from having to give up everything they own depending on income, property value, type of bankruptcy, and other specific situations.
Your bankruptcy attorney will be able to give you the best insight into what assets you may be able to retain during bankruptcy. To give you and idea of what life after bankruptcy may be like, here are three assets that most people do not lose when they file for bankruptcy.
1. Your Home
Typically, you do not need to worry about losing your home or going through foreclosure when you file for bankruptcy. If you file for Chapter 13 bankruptcy, then you should be totally protected from losing your home. Filing for Chapter 7 bankruptcy may require that you give up a certain amount of property, but federal and state law typically protects filers from losing their homes during bankruptcy.
2. Your Car
Losing your car is a common misconception about the bankruptcy process. While you will most likely have to continue making car payments during the bankruptcy process and even after bankruptcy, you are generally not at risk of your car being repossessed. There are exceptions to this rule that may affect people with multiple vehicles, such as car collectors, but these are rare exceptions. Your bankruptcy attorney will be able to advise you further about retaining your car during bankruptcy.
3. Your Retirement Savings
In addition to real property, many states also have exemptions that protect people from forfeiting money in their 401k or other retirement savings account. Although bankruptcy may affect your credit and your retirement plans in other ways, retirement accounts should remain safe.
To learn more about what specific exemptions you have when filing for bankruptcy, contact the Law Offices of Robert M. Fox today. We can provide you with a free consultation so you’ll know exactly what property you can keep during the bankruptcy process. Visit the Law Offices of Robert M. Fox online for more information.
Bankruptcy is not just a financial process—it’s also a very strenuous, emotional and psychological process because of the different items tied to bankruptcy, such as your home, property, car, savings and family.
If you’re considering bankruptcy, then having a bankruptcy lawyer is a great way to make sure you are objective and successful in the filing process. Here are three ways a bankruptcy lawyer can help you manage this overwhelming process.
1 Bankruptcy Law Expertise
If you’re not a bankruptcy lawyer yourself, then there is a lot about bankruptcy law and the bankruptcy filing process that you may not know. Hiring a bankruptcy lawyer is a great way to make sure that you are following bankruptcy laws and are not putting yourself at risk of being charged with common bankruptcy-related crimes such as fraud.
2. Bankruptcy Process and Negotiation Expertise
In addition to not knowing much about bankruptcy laws, you are probably not familiar with the complex series of processes and negotiations that bankruptcy entails. Filing for bankruptcy presents a whole slew of issues, from completing the paperwork properly, to communicating with creditors and trustees and dealing with the court system. Hiring a bankruptcy lawyer means that a trusted advisor will handle all of the confusing steps associated with the bankruptcy filing process.
3. End Debt Collection Harassment
When you complete the bankruptcy filing process, you will be protected by law from debt collectors. Until you file, however, debt collectors may continue to call you and ask you to make payments. While it is feasible for someone to file on their own, it is likely to take that person weeks or months to figure out how to properly file for bankruptcy and become protected by automatic stay. Bankruptcy attorneys can file faster and more efficiently, thus more abruptly ending your contact with debt collection agents.
If you are considering filing for bankruptcy, then the Law Offices of Robert M. Fox can provide you with a free consultation and affordable counseling to help you successfully begin rebuilding your credit and finances. To learn more, visit the Law Offices of Robert M. Fox online.
Bankruptcy should be the method of last resort for solving your debt problems, but if you must go that way, you might want to research the 5 most common types of bankruptcy, if you’re a candidate for bankruptcy, the common myths about bankruptcy, what your life will look like after bankruptcy, and some common ways to bounce back from bankruptcy.
Click HERE to read a full article on filing for bankruptcy
When you’re filing for bankruptcy, you need an experienced bankruptcy lawyer by your side. Top bankruptcy attorney Robert M. Fox Esq. provides the best legal representation services for your needs. Call 800-473-1581 to set up your free consultation.
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