Whenever you are consider filing for bankruptcy, you may wonder what assets you get to keep and what may be liquidated to pay off debts. Filing bankruptcy as a means of debt relief can help Florida residents hold on to assets they need, but you must understand the process in order to ensure assets are not repossessed. Having misinformation about bankruptcy and debt relief can result in a continuance of financial woes.
If assets, such as boats, cars or other vehicles, are in the process of being repossessed, bankruptcy can halt that process and allow you to keep the vehicles. However, it is important to understand that this is a temporary stoppage and the debt is still there. Bankruptcy can give you the time needed to get current with payments and a timeline will be devised.
For some who owe on vehicles or other assets, there may be other options to keep those assets during the bankruptcy process. Debt negotiation may be a tool that can help you get lower payments or a lower interest rate on assets you are currently paying. However, if you do get a lower payment or interest rate, you have to keep up with the new payments or repossession is still an option.
The entire bankruptcy process can be complex and many people may wonder if they even qualify. For those in Florida who do qualify, bankruptcy can be a valuable debt relief option if you fully understand the implications. Anyone interested in learning the facts about repossession and debt relief in relation to bankruptcy can find the information they may need on our Bankruptcy Overview page on our website.
Source: urichlaw.com, “Orlando Stop Repossession Lawyer“, , Aug. 25, 2014
Source: urichlaw.com, “Orlando Stop Repossession Lawyer“, , Aug. 25, 2014