Lately, I’ve encountered numerous clients who have been under the impression, often influenced by other attorneys or well-meaning friends, that filing a Chapter 7 bankruptcy inevitably means relinquishing all their possessions. It’s crucial to dispel this misconception. In truth, the reality is quite the opposite.
In the majority of cases, you can retain ownership of your home, vehicle, and other property even when filing for Chapter 7 bankruptcy. The outcome hinges on various factors such as the equity in your real property, your age, whether you have dependents, and the manner in which you hold ownership. While addressing the various scenarios in a single blog post is impractical due to the diversity of individual cases, rest assured that each situation is unique.
The most effective way to provide tailored guidance is through a face-to-face discussion where we can delve into the specifics of your situation. Avoid falling prey to misinformation from other attorneys or well-intentioned friends who lack legal expertise. It’s vital to remember that, in most instances, you can pursue a Chapter 7 bankruptcy, experience comprehensive relief, have your debts discharged, and retain full ownership of your assets.
For a complimentary consultation where we can assess your circumstances and chart a path forward, please don’t hesitate to reach out. Let’s work together to determine the best course of action for your individual needs.
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