WILL I LOSE MY PROPERTY?
The answer is complicated and long. “Probably not,” is the short answer but it’s not the complete answer. The longer answer is that you need to meet with an attorney, discuss everything you are worried about, answer all of the attorney’s questions completely and honestly. Being totally honest with your attorney is necessary for many reasons but the most important reason is that it is a crime to lie about or conceal your assets/property. The next and second most important reason is so your attorney can give you accurate and proper advice which can only be done if you are honest and open. Honestly, bankruptcy is not always the answer and it may not apply to your situation. Your attorney at RS Law will make sure you know that and accordingly advise you as to alternatives to filing a bankruptcy.
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Consumer bankruptcies (Chapter 7 or Chapter 13) often result in Debtors [Link to Definitions & Explanations] being able to keep their property. In bankruptcy, irrespective of Chapters 7 or 13, there are protections known as “exemptions,” available to protect property. These exemptions vary from state to state and on occasion resort to a federal set of exemptions. There is a catch, however, as there are indeed limits. Further, only some exemptions can be applied to a specific property. In Missouri, for example, exists something called a “wild card” exemption that permits a Debtor to apply this exemption to any piece of property of their choosing in order to protect up to $600.00.
Does the court want to take your clothing and accessories? No. Does the court want to take your mattress and box spring? No. Does the Court want your daily dishes? No. Keep in mind that this is assuming you don’t own storage units full of designer handbags, or fine china. There are indeed limits.
Contact RS Law today to find how bankruptcy would affect you and your property, as well as whether or not you should file!