Will I Be Able To Keep My House, Car And Other Property In A Chapter 7 Bankruptcy?
Chapter 7 bankruptcy allows you to discharge unsecured debt such as credit cards, personal loans and medical bills. But what will happen to your personal property? Will you be able to keep most or all of your possessions? For most people who qualify for Chapter 7, the answer is yes. However, individual circumstances differ.
In the majority of Chapter 7 bankruptcy cases, the debtor’s assets, including a house and car, are exempt from liquidation. To understand the exemptions available in your case, it is important to have legal representation on your side. Your goal in bankruptcy will be to obtain debt relief while also retaining maximum asset protection. A knowledgeable lawyer can help you stay on course toward this objective.
The Chapter 7 Bankruptcy Means Test
The Chapter 7 bankruptcy means test is a calculation of your gross household income for the six-month period prior to the month that you file for bankruptcy. If your income is below the threshold for your household size, you pass the means test and may be eligible for Chapter 7 bankruptcy. Even if you do not meet this initial threshold, after further analysis by an experienced bankruptcy attorney, you may still qualify for Chapter 7 bankruptcy protection.
I am Jason Karavias, Esq., an experienced Pennsylvania bankruptcy lawyer, and I can provide you an assessment regarding your eligibility to file Chapter 7 bankruptcy, and whether this would be the best legal option for you.
What Property Exemptions Apply?
When filing for Chapter 7 bankruptcy, you can exempt property up to certain limits, which are sufficient in most cases to protect all of your assets as a qualifying debtor. Common assets that may be protected by applicable exemptions include:
- Equity in your home
- Motor vehicles
- Retirement accounts
- Household goods and furnishings, electronics and other personal items
- Wedding rings and certain other valuables
Chapter 7 bankruptcy can prove to be remarkably beneficial for you, allowing you to eliminate debts while keeping many or all assets. To know how to receive the full benefit of Chapter 7, you should have an experienced bankruptcy attorney on your side to provide reliable guidance and representation.
As part of our initial consultation, I will review your finances and assets to determine your Chapter 7 bankruptcy eligibility and advise you on which property exemptions will apply for you.
Contact My Office For A Free Initial Consultation
When considering filing for bankruptcy, it is always best to receive the advice of a knowledgeable bankruptcy attorney. I have been serving clients in this capacity for nearly two decades. Contact Jason Karavias, Esq., in Pittsburgh by email or by calling 412-223-7924.
My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.