Keep Your Property

Q:  What happens to my property if I file a Chapter 7 bankruptcy?

A:  When you file for bankruptcy relief, all of your property becomes part of a bankruptcy estate.  A Chapter 7 Trustee is appointed by the court to oversee the administration of your       bankruptcy estate.  Fortunately, most people that file for Chapter 7 bankruptcy relief are able to keep all their property.  One of the most important reasons to hire a bankruptcy attorney, is to assist you in properly protecting your property.  In order to keep your property, you must protect it by utilizing the correct exemptions.  Exemptions act like shields to protect your property from the reach of the Chapter 7 Trustee.  Various exemptions, such as those that protect your home, your vehicles, your jewelry or even firearms are available, but must be properly applied.  Jerry Lowe is the right bankruptcy attorney to advise you on how to best protect your property when filing for Chapter 7 bankruptcy relief.

Q:  What happens to my property if I file a Chapter 13 bankruptcy?

A:  When you file for Chapter 13 bankruptcy relief, there is absolutely zero risk that the Chapter 13 Bankruptcy Trustee will take your property.  They simply do not have any legal authority to accept your property, other than your monthly plan payment.  Chapter 13 is a “reorganization” form of bankruptcy where secured creditors are provided for and sometimes unsecured creditors receive a portion of what they are owed.  While exemptions are utilized in the Chapter 13 bankruptcy process, they are not used to avoid the loss of your property, but rather to reduce or eliminate the amount that you might be required to pay unsecured creditors in some cases.  Although you will not risk the loss of your property to the Chapter 13 Trustee, the Chapter 13 bankruptcy process is very complex.   Jerry Lowe can successfully help you navigate the process.  Call today to find out whether either Chapter 7 or Chapter 13 will help you accomplish your goals.  (559) 495-1529.