What Property Can You Keep and What Do You Forfeit In A Chapter 7 Bankruptcy
My name is Jonathan Simon. I'm a licensed attorney in Arizona, practicing bankruptcy with the Bornmann Law Group. I'm here to answer all your bankruptcy needs and questions.
A Chapter 7 bankruptcy does allow you to keep your house and your car. A Chapter 7 only wipes away unsecured debt, so automobiles and homes are secured debts. Therefore, a Chapter 7 won't wipe away any of those loans that you have. However, you can sign a Reaffirmation Agreement to keep your car, which a Reaffirmation Agreement is essentially a new contract you make with your car finance company that will survive the bankruptcy. Therefore, cars and homes are not wiped away in a Chapter 7 and you can keep those even when you file for Chapter 7 bankruptcy.
The Bornmann Law Group
Mesa Bankruptcy Law Office
1731 W. Baseline Rd.
Suite #100
Mesa, AZ 85202
(480) 263-1699
Glendale Bankruptcy Law Office
20325 N. 51st Ave., Suite #134
Glendale, AZ 85308
(623) 640-4945
Tucson Bankruptcy Law Office
2 East Congress St. Ste. 900
Tucson, AZ 85701
(520) 306-8729
Website: http://bornmannlaw.com
Like Us on Facebook! http://www.facebook.com/BornmannLaw
Follow Us on Google+: https://plus.google.com/116769085499696194171/
Follow Us on Twitter! https://twitter.com/#!/bankruptcyazlaw
A Chapter 7 bankruptcy does allow you to keep your house and your car. A Chapter 7 only wipes away unsecured debt, so automobiles and homes are secured debts. Therefore, a Chapter 7 won't wipe away any of those loans that you have. However, you can sign a Reaffirmation Agreement to keep your car, which a Reaffirmation Agreement is essentially a new contract you make with your car finance company that will survive the bankruptcy. Therefore, cars and homes are not wiped away in a Chapter 7 and you can keep those even when you file for Chapter 7 bankruptcy.
The Bornmann Law Group
Mesa Bankruptcy Law Office
1731 W. Baseline Rd.
Suite #100
Mesa, AZ 85202
(480) 263-1699
Glendale Bankruptcy Law Office
20325 N. 51st Ave., Suite #134
Glendale, AZ 85308
(623) 640-4945
Tucson Bankruptcy Law Office
2 East Congress St. Ste. 900
Tucson, AZ 85701
(520) 306-8729
Website: http://bornmannlaw.com
Like Us on Facebook! http://www.facebook.com/BornmannLaw
Follow Us on Google+: https://plus.google.com/116769085499696194171/
Follow Us on Twitter! https://twitter.com/#!/bankruptcyazlaw