One of the biggest misconceptions about filing for Chapter 7 bankruptcy protection is that you will lose your house and car. While I’m not certain where this misconception comes from, my guess is that it comes from people who have never filed for Chapter 7 bankruptcy protection. It is simply a case where a little bit of knowledge is very dangerous.
When you speak with the experienced Pittsburgh bankruptcy attorneys at Steidl & Steinberg, we will do a complete evaluation of your financial situation. If you would like to keep your house, and you are qualified to do so, you can keep it. If you have so much equity in your house that you might lose your house if you file for bankruptcy, we will tell you. You can choose not to file, or to look at other remedies such as a Chapter 13 reorganization.
How Can I Keep My Assets?
Just because you are filing bankruptcy doesn't mean you will lose your home, car, or other assets. For our clients, the key is not what you will lose in the bankruptcy; the key is what you will keep. For the vast majority of our clients, they can keep all of their assets. There are exceptions to this rule, however. For example, a single person with a house appraised at $100,000 with no mortgage would not be filing a Chapter 7 bankruptcy because it would put the house at risk. If you are married with the same $100,000 home jointly owned with your spouse, you might not lose this non-mortgaged house at all.
If you have a pristine 1967 Corvette Stingray with a factory 427 engine, we will probably advise you that you will lose this $100,000-$150,000 car in the bankruptcy. But many of our clients have older, sometimes classic cars and have been able to hold onto them when the book value has shown them to be worth less than they thought.
Before you buy into the false rumors of what you might lose in a bankruptcy, consider contacting the bankruptcy lawyers of Steidl & Steinberg and getting the full story. You have nothing to lose but your debt.