Do you have to "File" on all of your debts in bankruptcy?

Business & Bankruptcy Attorney in Danville & Lebanon, Kentucky Serving All Nearby Areas

Posted: January 25, 2018

Most of my bankruptcy clients will ask me if they have to "file" on all of their debts. What they are really asking is can they keep their car or other secured asset after the bankruptcy is over. The answer is it depends, but most secured assets can be retained if the payments are current and the  the client has enough income to keep the asset or purchase it for its fair market value.

Most of my clients are concerned with keeping a car because it provides the means for them to get to work. Without it they may lose their jobs so it is a very important asset for them. The bottom line is that usually they can keep a car as long as those requirements mentioned above are met. As always, every case is different. Like everything in the practice of law, there are no absolutes. But, as a general rule, this holds true for most of my consumer clients.

If you or someone you know is concerned about debt, please give us a call today at 859-329-3992 for a free bankruptcy consultation over the phone. We help people throughout Central Kentucky, including Danville, Harrodsburg, Lancaster and Stanford.