Will I lose my property if I file for bankruptcy?

Filing for bankruptcy in West Virginia can be a difficult and emotional decision. If you do decide to file for bankruptcy, it is important to understand what happens to your property. In most cases, filing for bankruptcy in West Virginia will not cause you to lose all of your property. Depending on the type of bankruptcy you are filing, you may be able to keep some of your assets such as your home or car. Under Chapter 7 bankruptcy, your property is used to pay off your creditors. This means that any assets that you own that are not exempt from being used to pay off your creditors, such as a vacation home, will be sold. Non-exempt property can include expensive electronics, jewelry, and collectibles. Under Chapter 13 bankruptcy, you will be able to keep most of your property but you will need to make payments to your creditors over the span of 3-5 years. If you fail to make those payments, your property could potentially be taken from you. In either Chapter 7 or Chapter 13 bankruptcy, the majority of West Virginians are able to keep their home, car, and household items. Other assets that are exempt from bankruptcy proceedings may include any money you have in certain retirement accounts or proceeds from a life insurance policy. It is important to consult with an experienced bankruptcy attorney in West Virginia to understand what assets you may be able to keep while filing for bankruptcy.

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Will I lose my property if I file for bankruptcy?

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