When you file bankruptcy, you have to list all of your debts. It’s actually against the law not to mention all of your assets and debts in your bankruptcy petition.
But that doesn’t mean bankruptcy will automatically include all of those debts, or that you’ll lose all the assets you still owe money on.
For example, if you come to our Memphis bankruptcy law firm and tell us you want to keep your house or car, we can do something about that. You won’t lose your house unless you want to – it’s our job to make sure of it. Chapter 13 bankruptcy is the most common way people keep their homes in a bankruptcy, but there are sometimes even more options depending on your situation.
We should also note that some debts can’t be discharged through bankruptcy, even if you want them to be. Some of the most common examples of these debts are child support, some taxes, and most student loans. Our attorneys can help you figure out how to deal with those debts if you have them, and whether bankruptcy will benefit you.
So while you can’t pick and choose what debts you include in your bankruptcy, you do still have power in the situation. You can set up a plan with your attorney that respects your priorities. Just make sure to choose an attorney who cares about your individual situation and doesn’t see you as someone to push through the system as fast as possible.
If you’re worried about what debts you may or may not be able to discharge in bankruptcy, our lawyers can help. Contact us today (901-327-2100) to talk for free.