Chapter 7 bankruptcy is called the straight liquidation bankruptcy because some of your assets may be liquidated, or sold, to repay a portion of your debt. However, the law allows you to keep many of your belongings, and a very significant number of our clients do not lose any assets at all.
There are exemptions (protections) provided for under state and federal laws which prevent the liquidation of exempt property. Because our bankruptcy attorneys are familiar with the state and federal laws, and have a complete understanding of the laws that determine which assets are exempt from liquidation, we are able to maximize the assets you can keep. If it is determined that you have a significant amount of nonexempt assets, our bankruptcy attorneys will advise you as to asset liquidation, asset buy backs, and all other options afforded to you under the Bankruptcy Code.
Please note, if you have enough non-exempt assets or income to repay at least some of your debts, you may use a Chapter 13 bankruptcy to obtain your fresh start and to protect your assets.