When considering bankruptcy, one of the first questions most people ask is simply this — will I lose my stuff? In most cases, it is possible to protect key assets, such as a home, car, retirement account or family heirlooms. At Tishkoff PLC, we understand your concerns and make a careful assessment of the potential consequences that may come with filing bankruptcy. We provide you with a straightforward evaluation of your options and take the time to answer any questions you may have, so that you have the information you need to make an informed legal decision.
Before you consider liquidating your assets to pay off your debts, take the time to speak to a qualified bankruptcy attorney. Depending on your circumstances, it may be possible to eliminate your debts through bankruptcy while keeping most of your assets such as:
Car — It may be possible to protect your car from repossession by restructuring the loan to make it more manageable or making payments on arrearages.
Heirlooms — It may be possible to protect family heirlooms.
Home — It may be possible to eliminate the second mortgage on your home. Often, a plan to repay arrearages can be implemented.
Luxury items — Among the first things slated for liquidation during bankruptcy are luxury items, like a boat or a vacation home.
Real estate — Depending on the circumstances, real estate may qualify for protection during bankruptcy.
Retirement accounts — In most cases, tax-exempt retirement accounts, such as a 401(k) or an IRA, are considered protected assets.
If you have unique or specific concerns about losing any of these, or other assets, due to either bankruptcy or repossession, we encourage you to speak with a qualified bankruptcy attorney. If it is not possible to protect your assets through bankruptcy, our lawyers will provide a straightforward assessment of the potential consequences.