What Happens to My Property When I File for Bankruptcy?

Will I lose all of my possessions if I file for bankruptcy in King County? Our Bellevue Chapter 7 bankruptcy lawyers have answers.

We have often encountered people mired in debt for some time who have asked us, “What happens to my property when I file for bankruptcy?”They were reluctant to file for bankruptcy because they feared losing their possessions. There are a number of pervasive myths about bankruptcy, and many of them are perpetuated by unscrupulous creditors trying to get money from people with serious debt problems. They may tell you that you’ll lose your car, your home, and even your retirement, but the truth is far different.

Do I file for Chapter 7 or Chapter 13 bankruptcy to protect my assets and retirement?

Whether you end up filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, the result is the same when it comes to certain things. In most cases, the unsecured creditors of our clients get nothing. This is why they want you to believe that even thinking about filing for bankruptcy means that you are a bad person or that have somehow failed in life. Our Bellevue bankruptcy lawyers want you to understand that this is a bunch of hogwash! In reality, nothing could be further from the truth.

In most Chapter 7 and Chapter 13 bankruptcy cases, our clients keep 100% of their property and their personal possessions. Unscrupulous debt collectors would have you believe that you lose everything when you file for bankruptcy. But, this is simply a lie designed to try and get you to part with another payment. For clients who qualify for bankruptcy, we typically tell them to stop paying their bills as soon as they retain one of our Bellevue Chapter 7 bankruptcy lawyers. Don’t give them another dime if you are going to file.

Bankruptcy was created by the government to help people get out from under crippling debt.
This benefits everyone in America because they’re able to once again become productive consumers. This boosts the economy and drives markets. Would bankruptcy help anyone in debt if they lost everything they owned by filing?

Obviously not, which shows why these myths don’t make any sense at all. When you file for bankruptcy, you will most likely be able to keep the possessions that are most important to you, including your hard-earned retirement. You will restore your financial independence and swiftly begin improving your credit rating. In other words, you will be able to hit the financial reset button and become a functioning member of our nation’s economy.

To find out more about this topic, contact one of our Bellevue bankruptcy lawyers for a free consultation. We can talk about the possessions that are most important to you and then develop a plan to retain them.

Protect your hard-earned possessions with help from our Bellevue bankruptcy attorneys.

• Federal and state exemptions are available to help you protect certain assets.
• Retirement accounts are entirely protected when you declare bankruptcy.
• You can maintain ownership of anything you own as long as you maintain payments by utilizing the “reaffirmation agreement.”
• If you want to keep your home or car, Chapter 13 bankruptcy may be your best option.

Bill collectors and creditors aren’t known for being gentle when it comes to getting money from people in debt. They may try to convince you to cash out your retirement to pay off an old credit card debt, which would be a gigantic mistake. No matter what they say, retirement is 100 percent protected when you file for bankruptcy. This underscores why you need to protect your legal rights with help from one of our King County bankruptcy lawyers.

Filing for bankruptcy does not mean you will lose your possessions. For more information, contact our Washington law office in King County today and get the facts about bankruptcy.

Bellevue, Washington, bankruptcy, and personal possessions.

Depending on your financial situation, certain possessions may be highly important to you. If you live in Bellevue, then you understand the importance of owning a car. Bellevue has good public transportation, but it’s certain not something you want to rely on if you work or have kids.

 If you file for bankruptcy, your case will be heard in the Bankruptcy Court of Western Washington. You can follow this link for some useful information about preparing to file. As always, you’re welcome to contact our law office in King County at any time for a free consultation with one of our Bellevue Chapter 7 bankruptcy lawyers.

Will I lose my retirement if I file for bankruptcy?

Bill collectors may tell you that paying off an old debt will help your credit, but the opposite is almost always true. Usually, credit scores improve faster after declaring bankruptcy. Additionally, you can keep your retirement in the bank where it belongs instead of giving it to some third-party company that bought your debt from the original creditor.

Exemptions are available to protect property that’s important to you. Our Bellevue Chapter 13 bankruptcy attorneys can outline how these exceptions can be used to protect:

• Home equity
• Vehicles
• Household items
• Jewelry
• Government benefits
• Back child support
• Personal injury awards

Chapter 13 bankruptcy is known as the “home saver” because it allows you to consolidate overdue mortgage payments and penalties into an affordable monthly payment plan lasting from three to five years. As you can see, bankruptcy doesn’t mean losing your possessions. In fact, it may be the best way to save them.

Contact one of our Bellevue bankruptcy attorneys for a free consultation.

If you have questions about your property and how it may be affected by declaring bankruptcy, contact our King County law office for a free consultation with our experienced Bellevue Chapter 7 bankruptcy lawyers. We handle countless Chapter 7 and Chapter 13 bankruptcy cases every year, so we understand how best to maximize the amount of debt you can discharge while maintaining ownership of the possessions that are most important to your family. When you connect with us, inquire about the low flat fees and flexible payment plans our Bellevue bankruptcy attorneys provide to help you achieve the fresh start you’re looking for.

(425) 953-4061