WILL I LOSE EVERYTHING IF I FILE FOR BANKRUPTCY?
KNOWLEDGEABLE ATTORNEYS ASSISTING WITH BANKRUPTCY PROCEDURES IN THE NAMPA AND BOISE, IDAHO AREAS
When you file a chapter 7 Bankruptcy, you must disclose all of your assets as well as all of your debts. You get to keep the assets that fall under Idaho exemption law. A list of the common Idaho exemptions are found in the Bankruptcy F.A.Q. page of this site. However, property that is not exempt, or pledged to a creditor as collateral for a secured debt, will be sold to pay your unsecured creditors.
For example, let’s say you have a boat that does not have a lien on it. If that boat has a value of $15,000.00, the trustee will take possession of the boat, sell it, and use the proceeds to pay your unsecured creditors. There are steps that you can take prior to filing for bankruptcy. However, in order to comply with the bankruptcy code and not incur additional headache during the bankruptcy process, you must take the right steps. Further, there are other options that an individual can take if they would like to keep their possession, such as boats, 4-wheelers, and other toys.
You may also be able to keep other property as well. In some situations, the bankruptcy trustee may decide that an asset is not worth the hassle of selling and “abandon” that asset. You get to keep any asset free and clear of any liens that the trustee chooses to abandon.
You must also keep in mind that although you may lose some property during a chapter 7 bankruptcy, you will also gain a fresh start and be unburdened from a significant amount of debt.
Contact our offices to speak with an experienced bankruptcy attorney. We can help you work through the bankruptcy process. Let us help you get a new start!
