Individuals seeking to alleviate their financial issues via a bankruptcy filing may be hesitant to do so for fear of losing some of their larger assets such as their house and vehicle. Depending on your financial circumstances, in the course of a bankruptcy proceeding, you may be able to hold onto these assets.
There are various chapters under which bankruptcy may be filed. Those who qualify for a Chapter 13 filing should be able to keep their house and car. This may be an option for individuals who have a steady source of income.
Bankruptcy is overwhelming for most people. To learn more about the qualifications that must be met to file for bankruptcy under Chapter 13, a bankruptcy lawyer can be of assistance.
