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Bankruptcy can help protect your assets

Most people view bankruptcy as a life-changing legal admission of financial failure in which many or all of your prized, precious assets will simply be sold off to the highest bidder in order to save you from a hole that you dug yourself into with poor financial decisions. Nothing could be further from the truth.

We know that many people who are struggling with debt did not put themselves in a financial hole, but found themselves in the hole after unexpected tragedies, such as sudden termination of employment or unforeseeable medical emergencies. Additionally, bankruptcy is not always about selling off your property in order to pay off your debts. In fact, some bankruptcy options do not require you to sell anything at all in order to pay your debts. Even if you file a Chapter 7 bankruptcy, which will require selling of assets, you will only lose your non-exempt assets, meaning there are many things you will be able to keep.

In fact, in Texas, many large assets such as vehicles, boats and even houses are considered exempt, meaning that they may not be sold during a Chapter 7 bankruptcy. Furthermore, when a bankruptcy is filed, an automatic stay is put into place that stops things like creditor harassment and foreclosure. This means that rather than requiring you to sell your car or house, a timely bankruptcy filing could actually save your car or house before creditors or banks foreclose or repossess them.

Many Americans have unfortunate misconceptions about bankruptcy, which is a fantastic form of legal debt relief that nearly everyone can take advantage of. If you would like to learn more about what bankruptcy can truly accomplish for you, visit our webpage.

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