Most debtors can keep all of their real and personal property when going through Chapter 7 or Chapter 13 bankruptcy because the state has passed laws outlining exemptions to prevent creditors from seizing assets deemed to be ordinary and necessary.
Clients who are worried about saving their homes have multiple options through bankruptcy. Any bankruptcy filing will provide for an automatic stay.
If you are struggling to make ends meet and are constantly being harassed by creditors over your outstanding debts, you have probably considered filing for bankruptcy as a means of relief.
If you have found yourself situated in dire financial straits, you might already be thinking that bankruptcy is a way out. While filing for bankruptcy can certainly help and it is not the monster the media usually makes it out to be, you still have to proceed with caution.
After a person has filed for bankruptcy, adhering to a new budget or repayment plan can be a difficult adjustment. This is especially true during the holidays, as the pressure to purchase gifts for loved ones and holiday sales can ramp up the temptation to spend large amounts of money.