Can I Keep My House in Bankruptcy? My Car? My Other Property?
One of the first questions people ask when they are determining if bankruptcy is the right option for them is: "Can I keep my property?" This is a good question, and different chapters of bankruptcy require different answers.
I am Boston bankruptcy attorney Kenneth C. Ackerman. I can help you lose your debt without losing your property. Call me at 617-892-4334 (toll free 866-936-5506) or contact me by e-mail to schedule a free initial consultation.
Chapter 7 and Chapter 13 Bankruptcy
In theory, Chapter 7 requires that assets be turned over. Certain non-exempt property is intended to be turned over and sold to pay off a portion of the debt. However, there are exemptions in place and steps that can be taken to protect your property. In reality, average Chapter 7 filers are able to keep their property, including their houses and motor vehicles.
Chapter 13 does not require that assets be turned over because it involves the creation of a debt repayment plan. The repayment plan is designed to allow you to pay off all of your debts within a three to five year period, so in most cases there is no need to get rid of any property.
We will take all of the steps necessary to protect the property that is important to you. This involves creating an exemption plan as part of the bankruptcy filing. If there is property that cannot be protected, we will make certain that you know about it, so you will be able to make the decision whether or not you want to move forward.
Put My Experience to Work for You
As a bankruptcy lawyer, I have helped people throughout Massachusetts get fresh starts on their finances. My office is conveniently located in the heart of downtown Boston, directly across from City Hall Plaza and the Government Center T-stop.
Schedule a free, no-obligation initial consultation by calling 617-892-4334 (toll free 866-936-5506) or contact me by e-mail.
My law firm is a debt relief agency. My law firm helps people file for bankruptcy relief under the Bankruptcy Code.
