For many Americans, the difficult decision to file for bankruptcy comes with the misunderstanding that doing so will cost them everything. Perhaps this is why it is such a difficult decision for many people. Individuals turning to bankruptcy as a last resort may be under the assumption that to be relieved of debt they must also be relieved of most of their possessions. Fortunately, this is a complete myth that will be dismissed after speaking with an experienced bankruptcy attorney.
When meeting with a bankruptcy attorney, many individuals come assuming they will be forced to give up their savings, home, vehicles and property. Thankfully, this is not only false but works against the very mission of bankruptcy law. The purpose of bankruptcy is to alleviate crippling debt while still allowing families to keep their necessities and personal belongings.
Bankruptcy law offers filers the chance to protect much of their property through the use of exemptions. These property exemptions give people the tools and resources they need to rebuild their life. Understanding bankruptcy law and the exemption provisions it provides can be a highly complex and confusing process. Working with an experienced bankruptcy attorney can help filers understand these provisions and make use of every protection offered to them.
It is possible for filers to discharge their debt and still keep their homes, cars, personal belongings and assets. Individuals considering bankruptcy who are concerned about protecting their assets through property exemptions may benefit most by speaking with a bankruptcy attorney. With an attorney’s knowledge of bankruptcy law, filers can rest assured that their personal property is protected while their debt is discharged.