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What will I lose if I file for bankruptcy?

Many people are fearful of filing for bankruptcy because they are unsure of what will happen to them. They worry that they will lose everything—including their car, their home, and all their personal belongings. This fear is unfounded, and Jacoby & Meyers Bankruptcy Law can explain why.

When we assist you in filing for bankruptcy, you generally can still keep your personal belongings, including your home and your car. If you owe more on your car than the car is worth, bankruptcy court isn’t going to take it anyway, because after the sale there would be no money left to make a distribution to your creditors. The same would go for your house and personal belongings. Even if your home is worth more than what’s owed on it, Macey Bankruptcy can usually invoke state bankruptcy exemptions to protect it.

You’re actually more at risk if you don’t file for bankruptcy, as your creditors could sue you, garnish your wages, and seize your accounts and property. This could make your situation worse, as you could end up missing rent, mortgage, or car payments—not only making it difficult to pay for your basic necessities, but damaging your credit even more.

Call us toll-free today at 1-800-260-1402 for your complimentary initial bankruptcy consultation or visit one of our 100 offices across the United States. You can also read our many informative articles on our website,  For the best advice on filing for Chapter 7 or Chapter 13 bankruptcy protection, trust the experienced and caring attorneys at Jacoby & Meyers Bankruptcy Law.

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