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The short answer is no, probably not, but the explanation of why you do not have to give up your property is fairly complex.  When you file for bankruptcy, all of your property goes to the bankruptcy trustee, who will sell your property and use it to pay your debts.  There are three ways to keep property out of the trustee’s hands.  First, the trustee does not get your property if the property is exempt.  As a bankruptcy attorney, I look for as many exemptions as possible.  Second, if you want to keep secured property such as a car or house, you can promise to keep on making your regular payments, or reaffirm the debt.  Third, if you want to keep property that goes to the trustee, you can buy it back from the trustee.  You will have to give up property that does not fall into one or more of these categories.  For more information, please call me at (763) 450-9494 to discuss your case.  Thanks!

WARNING: The information contained in this blog post does not constitute legal advice and may not be applicable to your situation.  Reading this blog post does not create an attorney-client relationship between you and Baland Law Office, P.L.L.C.  You should always discuss your situation with an attorney before taking any action based on what you may read in this blog.  To that end, please call (763) 450-9494 to set up an appointment to discuss your situation.

 


Comments

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10/15/2016 12:19pm

There was some really interesting information in here. I might make use of it in the future when I am bankrupt. I really hope the time doesn’t come though.

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