Protecting Your Property In Bankruptcy
Many people who consider bankruptcy, worry about whether they will be able to keep their property. The fear of losing it often prevents people from seeking bankruptcy protection when it’s actually in their best interests to do so. A Terre Haute bankruptcy exemptions attorney can dispel some of the common myths about bankruptcy and help you understand how to legally protect your property.
How Bankruptcy Can Benefit You
Certainly, the main reason people contemplate bankruptcy is when they no longer feel they can manage their debt. They may have lost their job, suffered a major illness or experienced any number of other major life events that left an impact on their finances. As your Terre Haute bankruptcy exemptions lawyer can explain, bankruptcy can be a viable option for getting either a fresh start or developing a workable repayment plan and get you back to the business of living your life. Depending on the type of bankruptcy you file, you may not have to liquidate your property and during the bankruptcy, your creditors generally can no longer pursue collections actions such as foreclosure or repossession.
Exemptions and Other Strategies
As your Terre Haute bankruptcy exemptions attorney can explain, whether you need a Chapter 7 liquidation or Chapter 13 repayment structure, the law allows debtors to keep certain property exempt from creditors. Common exemptions include your home to a certain dollar value, certain types of personal property, or even a vehicle in some cases. Filing bankruptcy does not automatically mean that you’re going to lose everything. Nothing could be further from the truth. That’s why it’s critical that you seek counsel from a knowledgeable attorney that can explain the bankruptcy process so you know what to expect and can decide on the best way to take action.
At The Rowdy G. Williams Law Firm, P.C., you can trust your case to a skilled Terre Haute bankruptcy exemptions lawyer who will take the time to answer your questions and help you decide on the best course of action to take. To make an appointment for an initial consultation, call (812) 232-7400 or (317) 489-0310.