Will I lose my property if I file for bankruptcy?

The answer to your question is both yes and no. Depending on the type of bankruptcy you choose to file in South Carolina, you may or may not lose your property. If you choose to file for Chapter 7 bankruptcy, which is known as a “straight bankruptcy”, you may be required to give up some of your property to pay your creditors. There are, however, certain pieces of property that you may be allowed to keep, such as clothing and personal effects, a car, and household items. If you file for Chapter 13 bankruptcy, you may not lose any of your property. With this type of bankruptcy, you are allowed to create a repayment plan to pay off your debts over the course of three to five years. During this time, you are protected by the courts from any creditor’s attempts to collect the money you owe them. After the repayment plan is complete, your debt will be discharged and you will keep all of your property. To find out which type of bankruptcy is best suited for your situation, you should contact a knowledgeable bankruptcy attorney in South Carolina. They will be able to explain the details of each type of bankruptcy and help you decide which one is the best option for you.

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Will I lose my property if I file for bankruptcy?

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