That’s right. You can file for bankruptcy, and still hold onto your possessions. Even with Chapter 7, a form of liquidation bankruptcy, it’s possible to keep many essential assets, and quite a few non-essential ones. However, Chapter 13 – a form of restructuring – is one of the best ways to file for bankruptcy, and not lose too many of your possessions.
All about Chapter 13
Chapter 13 is a great option if you have an income, but it’s just not enough to work with when it comes to paying off your debts. If you need real debt relief, Chapter 13 is the way to go. It can even prevent your home from being foreclosed upon!
Also, because Chapter 13 is a form of restructuring your debts, you don’t have to deal with losing possessions. Under Chapter 7, many of your possessions would be liquidated and the money would go toward your creditors. However, Chapter 13 is not a form of liquidation bankruptcy.
If you have further questions about Chapter 13 bankruptcy (we’re sure you do!), then please don’t hesitate to contact us. No case is too big or small for our personal team to take on. Even if your debt is only a few thousand dollars, that doesn’t mean it’s not a serious hardship.