Keeping Your Property in Bankruptcy

The bankruptcy process is quite complicated and there are many widely held misconceptions about what a bankruptcy filing does or does not entail. One of the most destructive of these beliefs is that a bankruptcy filing will compel you to surrender some or all of your property. In the vast majority of cases, a bankruptcy petitioner will be able to retain all of his or her property, and in those comparatively few cases where a debtor is required to submit assets for sale, it is likely that his or her most important and valued property will be safe.

If you find yourself unable to make regular and timely payments and are feeling distressed by the efforts of debt collectors then bankruptcy might be the right option for you. To learn more about the possible benefits of seeking bankruptcy protection, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494.

Assets You May Be Able to Keep

The only instance in which you might be required to submit your belongings to a bankruptcy sale is in a Chapter 7 filing if you have substantial assets. Under a Chapter 13 filing there is no sale necessary, as such a filing permits the reorganization of debt payments. Moreover, in many Chapter 7 cases a debtor’s assets are insufficient to necessitate a sale. The assets that you may be able to keep include:

• An automobile
• Professional tools and work-related items
• A home that is your primary residence
• Living essentials such as furniture and clothing
• Treasured family heirlooms

Contact Us

Let us help you to identify the way forward from your present financial situation. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494 for more information.