One of the common misconceptions people have about bankruptcy is that people lose everything they have if they file for bankruptcy. Everyone is allowed to keep some or all of their property if they file for bankruptcy protection as everyone has a different set of circumstances that lead them to a potential bankruptcy outcome. They may have to choose which property they want to keep if they have property over the amount they can claim as exempt in their bankruptcy. In order to keep property that is secured by collateral (i.e. a house or car), they must agree to keep paying for the property. Our office would be pleased to assist you through this process.
To learn more, please call (256) 542-9004 for a free consultation.