Most People Do Not Lose Property in a Mississippi Bankruptcy
One of the common myths about bankruptcy is that a person has to give up personal property in exchange for forgiveness of debts. In reality, most of our clients at the Law Office of Giles W. King in Southaven, Mississippi, are able to discharge debts and keep their house, car, retirement and worldly possessions.
Some people must forfeit "luxury" assets or buy back certain property from the bankruptcy trustee. But the majority of our clients in Mississippi and Tennessee do not lose anything. As an experienced bankruptcy attorney, I can reliably determine what you would be able to keep before your petition is filed. I take the time to make sure that there are no surprises regarding your assets.
Is bankruptcy the right solution for your debt problems? Call my suburban Memphis office at 662-298-4597 or 888-549-3902 to schedule your free initial consultation.
Southaven Bankruptcy Lawyer: Preserving Your Personal Assets
In a Chapter 7 bankruptcy, the Bankruptcy Court can liquidate (sell) your assets to pay your creditors. However, most assets are safe under the generous exemptions of the Bankruptcy Code. For example, you are allowed to keep:
- Retirement savings (401(k), IRA, pension, etc.)
- Equity in your home
- Equity in one or two vehicles
- Home furnishings and clothing
- Jewelry, firearms and other valuables (up to a limit)
- Tools and equipment of a trade
If there is substantial property that would not be protected in a Chapter 7 discharge of debts, it may be necessary to file for Chapter 13 bankruptcy. For example, a family cabin or rental property are not exempt. Possessions such as boats, ATVs, motorcycles or big screen TVs may be considered luxuries. Stocks and savings accounts are usually not protected. We can sometimes negotiate with the trustee to "buy back" property not covered under bankruptcy.
I will conduct a thorough analysis of your specific financial situation, including an inventory of your assets and what is exempt. I will also explain the bankruptcy process and address any questions or myths about bankruptcy.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
