Some people worry that when they file for Chapter 7 bankruptcy, they will lose their property. The truth is that most of the cases handled by a qualified Chapter 7 bankruptcy lawyer in Springfield Missouri are actually “no-asset cases.” This means that the trustee does not actually liquidate any assets at all. The bankruptcy system requires you to list all your property and then you have the ability in your bankruptcy petition to list exemptions to protect your property.
This is why you hire an experienced bankruptcy lawyer who only handles bankruptcy cases. A bankruptcy attorney can discuss your case and determine if your bankruptcy will be a no-asset case. The timing of when you file your case and what exemptions to apply to your property are important decisions to discuss with your lawyer in order to protect your property.
The goal of bankruptcy is to give you a fresh start from debt-related stress and allow you to emerge after the case is finished with your property being protected from creditors. The exemption system is set up to allow you to keep your necessary property after bankruptcy; so your financial future is more productive with erased debt and the ability to still possess your necessary assets.
A Chapter 7 bankruptcy lawyer in Springfield Missouri can examine your assets and determine if your case will be a no-asset case. If so, they can give you the fresh start offer by Chapter 7 bankruptcy while allowing you to keep everything you own.
The Licata Bankruptcy Firm P.C. has three Chapter 7 lawyers who only practice in the bankruptcy field. This concentration on only bankruptcy allows the firm to stay up to date with the most recent case development and legal exemptions to file your case smoothly and protect your property during the bankruptcy process.