Is it possible to go bankrupt and keep some of the stuff I have worked hard to get?
Both me and my partner lost our jobs a while ago and altough we have jobs now we are finding hard to keep up with our payments. Has anybody got any good ideas?
This varies greatly from state to state, so you will need to consult your local bankruptcy laws as well as federal bankruptcy laws. In some states you can keep your house, car and tools of your trade. In other states you can keep more or less.
There are legal means for keeping certain items, such as forming a trust. Again, there is no advice more valuable than that of a qualified bankruptcy attorney.
It depends partly on whether you have a lot of assets and what type of bankruptcy you choose to file. Many people who want to keep most of their assets, file chapter 13. In a chapter 13, a repayment workout plan is set up so that your creditors are paid something. Also, certain types of property are exempt from creditors in a bankruptcy. There are some debts that can’t be discharged in bankruptcy, like child support and student loans. You might want to look into the tax implications of filing bankruptcy as well. It’s best to get a consultation with a licensed bankruptcy attorney so that you will know your rights and what is best for you. I know that some attorneys are willing to work with clients when it comes to paying for the attorneys fees and costs of bankruptcy.
I would strongly suggest trying to find an alternate way around this other than filing for bankruptcy. If you were perhaps in possession of an LLC or company whose failure was the cause of your personal financial troubles then you would be able to file bankruptcy for your company without having your personal possessions taken, but without that legal entity to protect you, it'll be pretty tough for you to make any advancements in life for at least seven years.
If you plan on possibly looking for a house, new car, etc. anytime soon then you should really try to avoid declaring the big BR..Perhaps by going through a debt consolidation program of sorts you can lower the amount you pay every month.
I have done a lot of ghost writing for law firm blogs and know quite a bit about this subject. It depends upon what type of debt you have and which type of bankruptcy you file. Chapter 7 is a liquidation bankruptcy, in which your assets are sold to pay your debts. However, many possessions are protected from liquidation such as most cars, and house hold items such as clothes, furniture (assuming it is paid for) and tools required for work. Chapter 13 is a restructuring bankruptcy which allows you to make payments on outstanding debt over several years, which can allow you to catch up on late mortgage payments or car payments. The laws do not vary much state to state as the bankruptcy laws are laid out by the federal government. States are allowed to change certain requirements, such as how much debt you must have or the maximum amount of debt that can be discharged. You really should sit down with a bankruptcy attorney, although they cost money they can help you save a bunch of money, too. Most offer free consultations. And filing should always be a last option.
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