Will I Lose My House?
“Will I lose my house or car if I file bankruptcy?” This is one of the most commonly asked questions and believed misconceptions about bankruptcy. At Robert L. Caplan, Attorney at Law, we are determined to help you answer your questions and concerns about bankruptcy and determine whether it is the best debt relief option in your situation.
Helping You Understand Your Debt Relief Options And Bankruptcy Exemptions
To address the question, the property that you own and that you decide to sell or give up in the bankruptcy process truly depends on your financial situation and the chapter of bankruptcy that you file.
In Chapter 7 bankruptcy, there are two reasons why it is possible to lose your property: you have secured debt (tied to real property, like a car or a house) and you have stopped paying on it and have no means to continue to pay on it, or your property is deemed valuable enough by the court to sell in order to satisfy some of the debt that you owe to creditors.
In reality, many people end up keeping their homes and their vehicles through certain Ohio bankruptcy exemptions. These exemptions often apply to:
- Household goods and furnishings
- Retirement and pension plans
In addition, part of the U.S. Bankruptcy Code affords you a wild-card exemption, or a freestanding exemption you can apply to any asset. For example, say you have a car that is worth more than the allowed exemption in your bankruptcy. You could apply the wild-card exemption and then keep your car.
When it comes to your property, Chapter 13 bankruptcy is much different than Chapter 7 bankruptcy. A Chapter 13 bankruptcy allows an individual to keep his or her property because the debt is reorganized into a repayment plan. This plan, typically lasting between three to five years, consolidates debt and involves lower monthly payments. At the end of the plan, people end up usually paying only a small percentage of their overall debt, while the rest of it is often discharged.
As soon as you consult with our Ohio bankruptcy law firm, lawyer Robert L. Caplan will work with you to help you learn more about Chapter 7 and 13 bankruptcy and answer your other questions. Don’t stress about your debt any longer – Call Robert L. Caplan, Attorney at Law.
Contact Our Columbus Bankruptcy Exemptions Attorney Today
We invite you to contact Robert L. Caplan, Attorney at Law, at 614-252-2026 to schedule a free, initial consultation regarding your bankruptcy needs. Our law office is open weekdays between 9 a.m. and 5 p.m., evening and weekend appointments by request. We accept all major credit cards. Payment plans are also available.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.