There are numerous things to consider when you are on the verge of filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy.  However, one of the biggest issues is your assets.

Personal belongings and property are a major issue anytime someone is considering filing for bankruptcy. This is due to the fact that if you file for Chapter 7 bankruptcy, you will have to go through a liquidation process. This means that your assets will be sold to repay your debt and could mean that you lose your home, car or other personal possessions of value.  If you want to keep your assets, you may have to consider filing for chapter 13 bankruptcy.

People who file for Chapter 13 may be able to keep their most important possessions because they agree to repay their creditors over the course of 3 to 5 years instead of having their debt discharged.  However, people must meet income requirements to be eligible for this type of bankruptcy.

If you have questions about Chapter 13 or Chapter 7 and your assets, now is the time to contact our law office and schedule a consultation with a Houston bankruptcy attorney.