Can I keep what I own when filing Chapter 7?
Many times when people file bankruptcy in Central Indiana, they ask, “Can I keep what I own when filing Chapter 7??” They are usually concerned if they can keep their house and cars if they file bankruptcy. The answer to this questions in usually “YES.” You can keep your house and cars when you file Chapter 7 bankruptcy usually in Central Indiana (Indianapolis District) because you are protected by INDIANA’S BANKRUPTCY EXEMPTIONS.
As long as the equity (or how much value you actually own beyond loans and mortgages) of your house and cars do not exceed Indiana’s limits for their Bankruptcy Exemptions, you can keep your house and cars. From experience, this usually plays out that the great majority of our clients can keep both their house and cars and eliminate their debt in Chapter 7 bankruptcy.
It is usually a good idea to schedule a free consultation with Bymaster Bankruptcy Law Offices or another bankruptcy attorney to make sure that the things that you own are exempt in the bankruptcy. In some rare situations, Indiana Bankruptcy Attorney John Bymaster may recommend that you file a Chapter 13 Bankruptcy or some other debt relief option.
Do not be afraid of Chapter 7: it is the most common and powerful remedy for getting out of debt. You will likely qualify and not lose anything in the process.
“Many people falsely believe that they will lose their house or cars when they file for Chapter 7 bankruptcy. This virtually never happens. There will be no auction or detailed inspection at your home. Chapter 7 is about getting you out of debt. Remember, Indiana has provided many exemptions to protect the items you own. Do not be afraid of getting the Chapter 7 relief that you need.” – John Forest Bymaster