Consider Your “Stuff” Before Filing Bankruptcy

by DeLadurantey Law Office, LLC on February 16, 2015

Stuff in Bky picOne of the primary concerns many debtors have when filing for bankruptcy protection is what will happen to their “stuff.” It is normal to be worried about losing your assets, but you should also take a hard look at what you have and determine whether or not you really need it. And remember, there is a big difference between what you “need” and what you “want.”

When you file a Chapter 7 or Chapter 13 case, you are required to disclose ALL of your possessions. So, if you could appear on the television show Hoarders, this could be extremely difficult for you. We understand that you are attached to your stuff, but is it one of the causes of your debt?

It may be possible to avoid filing a bankruptcy case if you are willing to sell some of your stuff and/or downgrade your vehicle. The money obtained from downsizing could be used to settle your debt with your creditors. If you are interested in learning more about debt settlement, contact us to discuss whether it is a viable option for you.

It is also important to understand that the law recognizes that you need to keep possession of certain assets. As a result, every debtor can claim bankruptcy exemptions to protect specific assets that aide in their “fresh start.” Common examples of assets protected by exemptions include your clothes, a specified amount of equity in your home or car, your retirement account and other things. We can help you understand what types of property will be protected in your bankruptcy filing.

If you are overwhelmed with debt and you want to protect your possessions, contact us to schedule an appointment. We can advise you on the best means for keeping your stuff and whether you might consider letting some of it go.

Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC for all your Chapter 7 and Chapter 13 bankruptcy needs. Whether you need debt negotiations or debt relief, or even foreclosure defense, DeLadurantey Law Office will handle bankruptcy matters for the following locations – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. DeLadurantey Law Office, LLC can be contacted by phone at (414) 377-0518.

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