Some of our clients express fear that they are concerned that they could lose everything if they file for bankruptcy. The fear of losing your house, vehicle, bank accounts, and personal property can have a big impact on an individual’s decision to file for bankruptcy. Our bankruptcy attorneys in Kansas City provide information for anyone considering filing for bankruptcy and what that could mean for your assets. You may aslo want to speak with a bankruptcy attorney before filing your taxes to get insight on how to maximize your refund.
If you file for Chapter 7 bankruptcy, also known as liquidation bankruptcy, you can retain exempt and abandoned assets. Ordinary personal possessions such as furniture, appliances, electronics, and clothing are rarely liquidated. Because of available exemptions, it is not common for people filing under Chapter 7 to lose their home or vehicle. Certain assets or specific dollar amounts in the value of assets may be exempt* from being seized or sold off in bankruptcy. *Exemptions vary from state to state.
It's important to speak with your bankruptcy about your specific case, but in most cases, if you file for Chapter 13 bankruptcy, you’ll be allowed to keep all of your assets. Although the value of your assets will factor into your repayment plan. It's important that you speak with a bankruptcy attorney to understand more about your specific situation.
We understand that every bankruptcy case is different, and we will work hard to help you put together a plan that fits your needs so that you can get back on your feet and one step closer to a debt free life. If you are thinking about filing bankruptcy, Castle Law Office provides a free consultation for Missouri and Kansas residents. You can call us at 816-842-6200, or you can email us and set an appointment with a Castle Law Office Attorney to discuss your options.