The answer to this question depends on the type of bankruptcy relief you select - either the "straight bankruptcy," referred to as Chapter 7, or a Chapter 13 repayment plan.
One of the basic concepts in a Chapter 7 bankruptcy is that you may lose your assets - whatever they may be. However , there are important exceptions . You are allowed to keep certain exempt assets, the idea being that you need certain basic items in order to make a successful fresh start after bankruptcy.
It is important to inventory all of your assets and then, with the help of your attorney, determine what would be exempt. This allows you to keep as many of your assets as possible. Quite often, especially in a family situation, all of your assets will be exempt, which means you lose nothing after filing bankruptcy.
If you file Chapter 13, you normally keep all of your assets because you are, in fact, paying your debts.
There is a good possibility you will lose none of your property!
Each person's situation is different. What applies to one person may not apply to another. To determine bankruptcy options as they apply to you, an attorney competent in bankruptcy matters should be consulted.
If you wish to have a confidential appointment to discuss your bankruptcy options with an attorney in the Law Offices of John M. Miller, you may do so by calling (515) 225-3333 between the hours of 8 a.m. to 5 p.m.(Central Time), Monday through Friday.