Why You Won’t Lose Everything In Bankruptcy

Many people put off filing bankruptcy because they are afraid they will lose everything they own. This is not true. In most cases, the only things you will lose are your credit cards.

At the Law Office of John Attiani, I offer a free initial consultation to review your assets and determine if you stand to lose anything by filing bankruptcy. Call my office in Fort Washington at 215-596-4820 to arrange a convenient time. I serve clients throughout the Greater Philadelphia area.

Can I Keep My Home And My Car?

Your home and your car are what are known as secured assets. This means that the bank can take these assets back if you do not make your payments. However, if you are current with your payments, the bank will not foreclose on your home or repossess your car.

If you have significant equity in your home, you may not be a candidate for Chapter 7 bankruptcy. In Pennsylvania, you can only protect a certain amount of equity in your home under what is known as the bankruptcy exemptions. Bankruptcy exemptions protect certain assets from being taken by creditors. That's why it's important to review your assets with an experienced lawyer before you file bankruptcy.

Bankruptcy exemptions protect:

  • Home equity up to a certain amount
  • A car up to a certain value
  • Your pension plan
  • Your 401(k) and IRA accounts
  • Your wedding ring
  • Appliances and furniture
  • Tools up to a certain value
  • Other personal belongings up to a certain value

Rebuilding Your Credit After Bankruptcy

You will lose your credit cards when you file bankruptcy. You will also have a negative mark on your credit report. However, you will be able to obtain new credit cards and build up your credit again. Bankruptcy is designed to give you a fresh financial start, not leave you with nothing.

Schedule A Free Attorney Consultation

I offer a free initial consultation to discuss your situation. Call my office at 215-596-4820 or email me for more information.