One of the myths Miami residents may believe about filing for bankruptcy is that they will have to surrender their vehicle to their creditors. This, of course, would really be onerous to debtors,making it difficult or impossible to get to work or to meet family obligations without a car.
As one of the largest firms handling bankruptcies in south Florida, our attorneys can assure you that it is indeed possible to retain ownership of your vehicle after filing for personal bankruptcy. There are ways to discharge debt and still preserve some main assets and property.
Depending on the different type of bankruptcy that is filed, clients may be eligible to keep all or most of their property, as bankruptcy laws have provisions in place to allow those wrestling with major debt to discharge or restructure the debt. Those worried about homelessness or giving up the tools of their trade they will need to get back on course can be reassured that our dedicated staff of attorneys will take the necessary steps to ensure that our clients will be protected.
During the initial consultation, we will discuss your goals, needs and priorities. It’s important to initiate the process as early as possible to avoid waiving any of your rights to your real or personal property you wish to retain.
The worst thing a debtor can do is nothing. Taking charge of one’s situation by facing reality and filing bankruptcy — either a Chapter 7 or Chapter 13 — may halt repossession and foreclosure of your most important assets. Then you can take the necessary steps to rebuild your financial future responsibly.
Source: The Law Offices of Patrick L. Cordero, PA, “Saving Your House & Car During Bankruptcy” Aug. 28, 2014