How Can I Keep My Things and Still File Bankruptcy?
I had a friend who recently shared with me that she once survived a tornado. She was a child when it happened and lived in a rural area in the Midwest. Her parents had prepared for it and when the sky turned a sickly shade of green, her, her mother and father and two brothers went down into the root cellar. She said the sound was like a train rolling over them and a thousand hands knocking on the door. She clung tightly to her mother’s dress.
When silence finally arose, they opened the cellar door slowly. With a creak, they peeked outside to see total devastation. Their second story of the house was smashed in, as if a giant had sat on it. The yard was littered with glass, picket and debris. She said the loss was devastating. She was glad that everyone was still alive but the strain of the loss took a toll on her family. Little things, like the coffee pot or her favorite doll, were felt for years.
When she mentioned “the little things,” it got me thinking about bankruptcy. Many of my clients are worried about “the little things.” They are worried that those precious things with sentimental value, or maybe even some real value, might be something the Trustee would take from them in bankruptcy. Many people suffer through debt, losing thousands of dollars in the process, because they are worried that filing bankruptcy means “you’ll lose your stuff.” The fact of the matter is, a good attorney can help you not only draft the petition but give guidance on these matters, too.
How Can We Help?
In reference to assessing personal property, an attorney is valuable because:
- Objective. An attorney can be objective on your personal property in a way that you cannot. Things retain value in not just money. The trustee, however, is interested in your property for its monetary value. An attorney can do the same assessment that the Trustee will make, except the attorney’s got YOUR back.
- Understands the Law. An attorney can apply the law to your benefit. Personal property is often protected in bankruptcy, but only to a certain extent. An experienced attorney can help you develop a strategy so you don’t end up losing your stuff in bankruptcy.
- Experience. An attorney with experience in your area is the best because they not only understand the law, but they also have working relationships with Trustees and Judges. Of course, this doesn’t mean anyone gets “special treatment,” but knowing a Judge’s general position on a matter is valuable for you.
For a Free Evaluation, text HELP to (312) 620-6499
A bankruptcy doesn’t have to be a tornado, tearing through your assets and leaving you with nothing. It should be a positive thing, a brand=new fresh beginning. SLF is here to help the process go smoothly so you don’t continue to sit up nights worrying. Text or call us at (312) 620-6499 today.