Will I Lose All My Belongings If I File For Bankruptcy?

The rumor on the street is that you will lose everything if you file bankruptcy. The rumor is completely untrue and is usually the opinion of uninformed people who do not know how bankruptcy works, or have heard second hand horror stories from other people who have handled their own case without a lawyer and screwed it up. The reality is that most people who file bankruptcy get to keep everything they own. The reason that they get to keep everything is because part of the bankruptcy code contains very generous and powerful laws called “exemptions.” These exemptions are what let people keep their belongings, such as their car and other stuff—as long as your car and other stuff fit within the allowable value limits of the exemptions. In the majority of cases, the exemptions are sufficient to protect all property, and for spouses who are filing together, the good news is that often you get to double your exemption amount.

If you are considering filing for bankruptcy, our team of pro bono attorneys can analyze your case to make sure that you will get to keep all of your belongings if you decide to file. It costs nothing to find out, so contact us for a free case analysis of your individual situation.