Posted on Nov 4, 2020
Zooberg Law Firm, P.A.
You have to provide the bankruptcy court with a complete petition when you file for bankruptcy to avoid having your case dismissed. Fortunately, you still have certain legal options that will allow you to protect some of your assets from liquidation when you file for bankruptcy. You can do this by filing for a Chapter 13 bankruptcy. A Chapter 13 bankruptcy permits you to retain ownership of most of your assets but you have to commit to a payment plan ordered by a court. It is not as drastic as a Chapter 7 bankruptcy which involves liquidating most of your assets so that the proceeds can be given to your creditors.