CAN I KEEP MY CAR IF I FILE BANKRUPTCY? WHAT ABOUT MY HOUSE?
July 22, 2016 | BANKRUPTCY
The purpose of a bankruptcy filing is to get out of debt and allow the debtor (the person filing bankruptcy) to receive a fresh financial start. However, it does not necessarily mean that a debtor will need to start all over with no car and no house or other assets to his name.
The Bankruptcy Code and the laws of the State of Ohio have built in protections that debtors can take advantage of in order to keep their assets, such as a car, a house, a retirement account, and even money in the bank. These protections are referred to as exemptions in the Bankruptcy Code. The application of these exemptions as well as the intersection of State and Federal law may yield different results when applied to a particular debtor’s case. For this reason, you likely will not find a yes or no answer to the general question, “Can I keep my car and my house?” because the correct answer is, it depends. Only an attorney experienced and skilled in bankruptcy can advise a debtor of the protections he can claim while filing bankruptcy and the assets which he can retain. For this reason it is very important that any individual or small business seeking to resolve debt issues contact a skilled bankruptcy attorney before making financial decisions. The sooner you seek professional advice, the more likely you are to be able to retain the maximum amount of your assets.
The Nesbitt Law Firm is passionate about its clients and their overall financial health before, during and after filing bankruptcy. We encourage you to contact us today for a free case evaluation to determine how we can help you to achieve a fresh financial start while retaining your assets.