One of the big concerns of consumers who are considering bankruptcy is that they will lose all of their property. In fact, the “I can’t file for bankruptcy because I will lose everything I own” myth is one of the biggest misconceptions out there about the bankruptcy process. Rather than automatically losing all of your property, the bankruptcy court compares your assets against the applicable exemptions for your state to determine whether there is anything to distribute to creditors. The majority of people who file for personal bankruptcy are able to utilize exemption laws to retain all of their property through the process. Exemption laws vary greatly by state, so it’s usually a good idea to meet with a local bankruptcy attorney to discuss how your property will be affected.
Posted by: Walter Metzen
Bankruptcy and Foreclosure: The Consumer’s Overview
OK, here’s the deal with bankruptcy and foreclosure. Despite what you may have heard, filing for bankruptcy does not necessarily permanently stop a lender from foreclosing on your home. Filing for bankruptcy will always temporarily stop the bank foreclosing on your home. This is true regardless of which chapter you file under. In some cases,…Read more
Filing Bankruptcy in Illinois: What You Need to Know
Home of the world’s first skyscraper, comedy showcase “Second City,” and the world’s largest public library, Chicago is a big city with a lot of attractions. It’s also the largest metropolitan area in Illinois, which also means an above average economic impact as the result of the coronavirus recession. Some experts think the coronavirus pandemic…Read more
Chapter 7 Bankruptcy in North Carolina: What You Need to Know
Home to super-cool Asheville and the tallest mountain in the Eastern United States, North Carolina can be a fun getaway for visitors. For those who live here, residents have fallen in love with its symphony and the oldest state museum of art, its seafood and many bodies of water, and its history as the largest…Read more
Posted by: Walter Metzen
Guns: The Most “Overlooked” or Missing Asset in Bankruptcy?
Last updated March 30, 2018. One of the major problems that we face in assisting folks in filing bankruptcy, especially here in Kentucky, is making sure that all guns and related equipment that they own are listed as assets. Guns and related items, including hunting equipment, are some of the most common recreational items that Kentuckians…Read more
Chapter 7 Bankruptcy in Pennsylvania: What You Need to Know
Last updated Aug. 30, 2017. Home to the first baseball stadium in the U.S., first American flag, and first daily newspaper, Pennsylvania attracts residents and visitors alike to a history rooted in tradition and culture. That includes Philadelphia’s famous cheesesteak sandwiches, the Liberty Bell, and beautiful, old bridges all over the state. Debt is not…Read more
Chapter 7 Bankruptcy in Nevada: What You Need to Know
Last updated Nov. 7, 2017. If you thought all there was to Nevada was Las Vegas, think again. While many people associate the state with long weekend getaways having fun at casinos and shows, did you know that Nevada is the largest gold-producing state in the U.S.? It also has more mountain ranges than any…Read more