How Do I Protect My Assets
What Assets are Protected from Bankruptcy?
Many clients ask, “How can I keep my home during a Chapter 7 bankruptcy if I am delinquent on my mortgage?” Although people could lose their home in bankruptcy if their mortgage is badly past due, there are now new programs available that will allow either a loan modification or refinancing of an existing mortgage. These programs would,if approved, bring your mortgage into a current condition and also will likely reduce your monthly payments and your interest rate.
Chapter 7 bankruptcy will completely eliminate all your unsecured creditors and now, with this program, even if your mortgage is badly past due, you may still be protected from foreclosure in bankruptcy. This program is yet another way of protecting assets in bankruptcy. For more information, please visit the website at: www.makinghomeaffordable.gov/
Another concern of some is that they will not get to keep their assets after filing for Chapter 7. Most people are able to protect most and usually all of their assets they owned when their bankruptcy was filed. The truth is most(if not all) of your assets can be protected in bankruptcy by the skillful use of bankruptcy exemptions which allows you get to keep, in most cases, all your assets. Also your bankruptcy wages and other income is protected.
Furthermore, all of your secured debts (i.e. mortgages, car notes) are discharged in Chapter 7 if they are not reaffirmed (reinstated). This means you can get rid of a vehicle that is badly “upside down” by surrendering it. In doing so the secured debt becomes an unsecured debt and is therefore completely eliminated in the Chapter 7 discharge. We can even help people in the Houston East and many other areas with their debt elimination needs.
Consult an Experienced Bankruptcy Lawyer
If you are interested in learning more about protecting your home and other valuable assets during the Chapter 7 bankruptcy process, please do not hesitate to contact the Law Offices of O. Miller White today. Mr. White offers a FREE CONSULTATION to discuss the situation you are in and what legal remedies are available to completely turn your financial troubles around.
CALL THE LAW OFFICES OF O.MILLER WHITE TODAY AT (281) 257-2477