Many clients are frightened by the idea of losing their house, car, and/or personal belongings upon filing for Bankruptcy relief. Thankfully, this is not generally too much of a concern for most of our clients.
Remember, a bankruptcy filing stops foreclosures and vehicle repossessions in their tracks. This respite from creditor harassment provides you with the opportunity to consider each of your debt relief options.
It is not difficult to retain your vehicle and your home after filing for Bankruptcy relief. If you have a car that you can comfortably afford, you can continue to make your payments by signing a re-affirmation agreement. Chapter 13 debt relief provides clients with the opportunity to catch up with their past-due mortgage payments in order to avoid losing their homes. Additionally, beginning later this Summer, Bankruptcy relief will also include a series of new “Loss Mitigation” mediation solutions that are designed to prevent your losing your home.
As to your personal belongings, it should be noted that neither banks nor the Bankruptcy Courts are interested in forcing you to part with your dearest personal belongings. Your family heirlooms are safe, along with your pet dog or cat, your wedding ring, family portraits, and so on… Losing your personal belonging should not be a concern when filing for bankruptcy.
Please call a competent, knowledgeable Bankruptcy attorney to discuss how you can benefit from Bankruptcy relief, retain your car, and remain in your home.