if you file bankruptcy do you loose all possessions?

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We just went through bankruptcy. How long it takes, what it cost and whether you loose stuff depends on several factors. There are three types Chapter 7, Chapter 11 & Chapter 13.

You must go with the one that you qualify for , which is determined by your circumstances on the day you file and the six months prior to that.
You don’t loose anything with Chapter 13. The court works out a plan for you to make payments to your creditors with a portion of the debt dropped by the creditor. Chapter 7 wipes out the debt completely.

You may loose some stuff.
You need to consult a lawyer that handles bankruptcy. In this part of the country bankruptcy lawyers give a free consultation. We consulted two different ones which is also a good idea.

We did not have to pay a penny untill we actually filed.
There are cost involved. You should not wait untill you are pennyless to do this. About one month before we were pennyless we decided ( on legal counsil) to stop bailing water and go ahead and abandon ship.
With some types of bankruptcy the court sets up a payment plan for the attorney fees along with the creditors.

Quote:

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Original Message
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From: sunshine052701
To: Budget101_@yahoogroups.com
Sent: Monday, June 30, 2008 11:00 PM
Subject: Budget101.com : if you file bankruptcy do you loose all possessions?

in bankruptcy do loose cars, house, furniture?
How does this work – how does it help? Hurt?
How long does it take ? How much does it cost?

If you cant pay things
you owe now how will the money for the bankruptcy come about?

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