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davidtrump

Factors 3, 4 & 5 - 14 key factors when considering bankruptcy

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3. Where you live matters.
When it comes to which assets you can keep in bankruptcy, rules vary widely by state. In addition, income and expense limits used for determining whether you qualify for a Chapter 7 will vary by location. Also attorney’s fees and filing fees will vary.

4. You get to keep assets.
Filing bankruptcy doesn’t mean giving up all your possessions. You keep your personal property, such as clothes, electronics, household furnishings and other exempt assets. Depending on your state laws, the type of bankruptcy you file, and your finances, you can sometimes retain larger assets, such as cars and the family home.

5. The two types of bankruptcy are very different tools.
If you were out of work and got behind on the house payments but can now meet your mortgage, a Chapter 13 might be your best option. If you don’t own a home but are struggling with medical bills, then Chapter 7 might be a better choice. Like any major financial decision, you need to gather information.

Write down the assets that are important to you, and what you need to get from your bankruptcy. When you talk with an attorney, go through the list and find out how the two types of bankruptcy (combined with the laws in your state), would impact each item.

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