Will I Lose My Property?
One of the biggest fears that people have about bankruptcy is that they will lose their property. You may be asking yourself right now:
- Will I lose my home if I file for bankruptcy?
- Will I lose my car?
- Will I lose my clothes, my furniture, my precious family mementos?
Before you let fear eat away at you, speak with an experienced bankruptcy lawyer at Sno-Isle Bankruptcy. Based in Everett, Washington, we have helped many people find solutions to debt problems.
At your free consultation with veteran bankruptcy attorney Stephen Garvey, you will learn:
- Most often, people can keep their house.
- Most often, people have the option to keep their car.
- Most people have the option to keep most —if not all — of their property.
Property Exemptions
The U.S. Bankruptcy Code allows people who file for bankruptcy relief certain property exemptions. Certain types of property up to a specified value are protected and may not be liquidated to pay creditor's claims. Through property exemptions, most of our clients have the option to keep their home and their vehicle.
Debt Reaffirmation
Sometimes people who file for bankruptcy are still paying off the remaining debt on a car, big screen television, hot tub or other item that they want to keep. You may not stop making payments on a secured debt and still keep the property associated with that debt. What you may do, however, is enter into an agreement with a specific creditor to continue making payments. With a Chapter 7 bankruptcy, you can choose to pay certain creditors even though you are discharging the debts of other creditors.
Contact an Everett Bankruptcy Attorney
Speak with a Washington bankruptcy lawyer today to learn more about your legal rights and options. Call 425-265-9400 to schedule a free consultation with an experienced bankruptcy lawyer at Sno-Isle Bankruptcy in Everett, Washington.
