Who Controls Your Finances in Bankruptcy?

by DeLadurantey Law Office, LLC on August 4, 2014

box of moneyIf you know you need debt relief, but you are avoiding talking to a bankruptcy attorney, it is time to reconsider. Many people associate bankruptcy with admitting they were financially irresponsible, but the vast majority of Chapter 7 and Chapter 13 cases are the result of life-changing events that were out of the individual’s control such as a major illness, divorce or loss of employment. It is important to understand that when you file for bankruptcy, you are taking control of your life and working to improve your financial situation.

If you are considering filing for bankruptcy protection, you may be concerned that you will lose your financial freedom. Actually, quite the opposite is true! Filing a personal bankruptcy helps you eliminate most, if not all, of your debts. And, as soon as you obtain your discharge of debt, you can start rebuilding your credit. Thus, bankruptcy provides you the financial freedom you need to start fresh.

You may also be concerned about losing your assets. Although a Chapter 7 filing is often referred to as a “liquidation bankruptcy,” most individuals keep possession of all of their assets because they are protected by exemptions. In a Chapter 13, you have the right to keep all of your assets as long as you timely make your payments under your Chapter 13 repayment plan. Emerging from bankruptcy without debt and with all of your assets can vastly improve your finances.

If you have questions about filing a personal bankruptcy case and how it can kick-start your road to financial freedom, contact us for a consultation today!

If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC,at (414) 377-0518. We serve clients primarily in the areas of student loan law, Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need. Visit our web site and like us on Facebook.

 

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