Will I Lose Property If I File Bankruptcy?

Although the natural instinct we have is to want to keep all of our property

, sometimes it makes more sense to let certain things go. For example, if you have an automobile that has a serious mechanical problem or is simply getting too old, it might be better to let this car go back to the creditor in your bankruptcy. Frequently, we see that cars have been used as collateral for loans and there is much more owed on the loan than the car is worth. We frequently see situations where over $10,000 is owed our car that is worth less than $1000. Therefore, in these situations, although it may be inconvenient to replace the automobile, it is far better to discharge the $10,000 debt and surrender the vehicle to the creditor, than to pay $10,000 for car that is worth no more than $1000.

Will I Lose Property If I File Bankruptcy?

By: Richard West

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