There are a lot of tough decisions that people have to make in life, and choosing to file for bankruptcy may be one. Although some who have found themselves facing financial challenges jump at the opportunity to file bankruptcy because of what it can do for them, others may find themselves questioning it benefits. This is mostly because depending on what type of property they have, such as a second home, it could be considered non-exempt and ultimately, be taken away.
When property is non-exempt, it basically means that it is property the debtor doesn’t need in order to survive. A car and a home are necessities because people need a roof over their heads and way to get to and from work, but a second home may be seen as a luxury. Most luxuries are seen as something that is simply extra and unnecessary, so they are non-exempt.
Those who have chosen to file for bankruptcy may be reluctant to do so at first. It actually may not be until they realize they really have no other way out of debt that bankruptcy will seem like an appealing option. No one really wants to lose any of their property, but if their debt has gotten out of control and filing bankruptcy can give them a clean slate, it may be worth it to file.
It is understandable that people don’t want to lose their second home, but this loss is not going to keep them from becoming financially stable once again. No one wants to struggle with debt, and with bankruptcy offering them relief from debt, they should file as soon as possible. Anyone who decides to move forward with the filing process can speak with an attorney for assistance.