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Will I lose my home, car and Other Assets if I file for Bankruptcy?

Will I lose my home, car and Other Assets if I file for Bankruptcy?

Posted By Marshall Schultz || 14-Feb-2014

One of the main questions we are asked by people who are considering filing for bankruptcy is whether or not they will lose their home, car and other assets during the bankruptcy process. Individuals who file for Chapter 13 bankruptcy are not generally at risk for losing their home, car or other personal assets, as this type of bankruptcy allows for the restructuring of all existing debt. It also gives debtors the opportunity to catch up on delinquent mortgage payments, past due car payments and other financial obligations for which they have fallen behind. When filing for Chapter 7 bankruptcy, there is a very real possibility that the bankruptcy court may order an individual's assets be liquidated so as to help repay creditors. In most of the bankruptcy cases we represent, our lawyers are able to minimize asset and property liquidation by taking advantage of specific state and federal exemptions.

There are no two financial situations exactly like. For that reason, if you are considering filing for bankruptcy, we strongly advise you contact our law offices so that one of our bankruptcy lawyers can review your current situation and advise you as to the bankruptcy option that would best suit your needs. There are also many alternatives to bankruptcy you may want to consider, particularly if you are worried about losing property or assets. In either case, you can rest assured that the lawyers here at the Law Offices of Marshall D. Schultz will do everything possible to help you safeguard your assets.

We understand the unfortunate circumstances you may be facing and we are committed to giving you the aggressive representation you need to get through this difficult time. The lawyers at our firm have more than 30 years combined legal experience and we have handled in excess of 10,000 bankruptcy cases to help individuals, just like you, obtain true debt relief. To help ease your stress, we recommend you contact a Detroit bankruptcy lawyer at our firm today so that we can discuss your case and advise you of the exceptions you may be eligible to claim.

Categories: Bankruptcy

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