What happens to my assets during bankruptcy?

property assets

Ursulova Law Offices are bankruptcy attorneys Brighton Beach who can assist you if you find yourself filing for bankruptcy. You are probably curious about what will happen to your assets during this time? Will you be able to keep them? Will you have to give up your home and car? There is no need to worry when you use bankruptcy lawyer Brighton Beach. They will address any concerns you have regarding the process. 

What happens to my assets if I file for bankruptcy?

Depending on which chapter of bankruptcy you file for depends on what happens to your assets. If you file for Chapter 7 bankruptcy, you will have to sell off some assets as it is a liquidation process. Chapter 7 bankruptcies are available for individuals and business owners. It can take approximately three to four months to complete the Chapter 7 bankruptcy process. Check with an attorney in Brighton Beach to see if you qualify for Chapter 7 bankruptcy. 

Chapter 13 bankruptcy is a reorganization process that is for individuals. It usually takes three to five years for this process to complete. Your debts are rearranged and paid off partially or in whole. If you do not comply with payment plans, creditors can go after your assets. You will be able to keep your home. Items that you will not be able to keep include a second home, newer model vehicles, jewelry, and artwork Find out more about your assets by talking to a bankruptcy lawyer from Brighton Beach.

Does secured and unsecured debt play a role in who gets what and what you get to keep?

Yes. Secure and unsecured debt plays a role in what you get to keep and who gets what. Unsecured debt is the more common form of debt. There is no collateral backing up this type of debt. This means the lender has no property to take to recoup its losses. Unsecure collateral comes with high-interest rates on personal loans because of the lack of collateral backing up your debt. Unsecured debt is more typical because there is no collateral involved. 

A Brighton Beach bankruptcy lawyer can answer any questions you have concerning secured and unsecured debt. Secured debt is debt that is backed by property such as a car or a vehicle. If you default on your payments, the creditor will take the collateral instead of suing you for compensation or opening a debt collection on your record. Interest rates are usually lower than unsecured debt. 

How can an experienced bankruptcy attorney help explain everything and walk you through your options and the process?

An experienced bankruptcy attorney Brighton Beach can help you decide whether you need to file for Chapter 7 or Chapter 13 bankruptcy. They can also help you determine what assets you can keep and which ones you may have to sell to creditors. A Brighton Beach bankruptcy attorney will also go through the whole process of filing for bankruptcy with you. One mistake can delay the entire process. Your Bankruptcy Attorney in Brighton Beach will make sure everything is done correctly in the fastest possible method. 

Conclusion

Bankruptcy Lawyer in Brighton Beach can answer all your questions regarding assets, Chapter 7 bankruptcy, and Chapter 13 bankruptcy. We here at Ursulova Law Offices in Brighton Beach are bankruptcy attorneys who care for their clients and want to guide them through the bankruptcy process with ease. Bankruptcy can be a traumatic event in your life and we want to ensure that you are taken care of with courtesy and efficiency. 

Ursulova Law offices, P.C.

Contact Ursulova Law Offices, P.C. to find out how our NY Bankruptcy Attorneys can help you today. Our offices are located in New York, Brighton Beach, Brooklyn and Garden City.

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