A frequently asked question from potential bankruptcy filers is “can I keep my car?”  Now… assuming that the car in question is not a Porsche 911 that is fully paid for, keeping the car will not likely be a problem.  Most of the time, my potential bankruptcy clients have an income issue and are driving a modest car that is financed.  In that case reaffirmation of the loan will be under taken and as long as the car loan is paid on time keeping the car will not be an issue.

Please link to our Article here for full details on how bankruptcy affects all of my property.

Interested in how we can help you with your bankruptcy case?  Give us a call at 732-302-9600 or fill out our online consultation and we will call you!  We look forward to hearing from you and answering all your questions!

Your home, your car and all other property you may own at the time of your bankruptcy — such as your retirement account — will certainly be at the top of your concerns when considering bankruptcy.

Like almost everything else in a bankruptcy the answer is not one size fits all and depends on your individual circumstances. These are just some of the things to be considered:

  • Your Home: The value, amount of mortgage owed and who is listed on the Deed;
  • Your Car: What kind it is and if it’s fully paid;
  • Retirement/Pension/Life Insurance Accounts: Consider everything.

Being well educated on the above considerations will certainly help guide you through all of your concerns. Please link to our Article here for full details on each subject set forth above.

Interested in how we can help you with your bankruptcy case?  Give us a call at 732-302-9600 or fill out our online consultation and we will call you!  We look forward to hearing from you and answering all your questions!

Many times we have to tell new clients that they should wait days, months or sometimes even years to file their bankruptcy case for the best possible outcome. Why? Because the timing of recently incurred debt has a lot to do with the outcome of your bankruptcy.

Let’s discuss just a few scenarios:

Credit Card Usage

If you have used a credit card for a luxury good (plane tickets, cruise tickets, hotels that are not work related, restaurants, etc.) in the last ninety days, you may need to wait to file your case.  These purchases will be presumed to be “fraudulent” since it would seem that you were running up the card in anticipation of the filing of your bankruptcy case. Read more in-depth details here.

Transfer of ANY Property

Don’t be fooled into thinking that transferring any form of property to a relative or family member will help in your bankruptcy. It actually has the opposite effect as a transfer of property prior to bankruptcy triggers the “fraudulent transfer” issue and that can be a big issue with the timing of your bankruptcy filing.  Read more in-depth details here.

Too Much Income/Not Enough Income

This is where timing is very important since your income is such a big part of your bankruptcy case. Your income is going to impact how much you have to pay or don’t have to pay to your creditors.  Filing at the wrong time could dramatically affect whether or not you have to pay anything to your creditors, and if you do have to pay your creditors something, how much you have to pay them.  Read more in-depth details here.

The Bottom Line

These are just some of the scenarios where “timing” can significantly affect your case.  Everyone’s circumstances are different so every bankruptcy case is different.  As experienced Bankruptcy attorneys we will evaluate your case carefully to get the best possible outcome for you.

Do you have any other questions on how we can help you file a bankruptcy?  Give us a call at 732-302-9600 or fill out our online consultation form.