Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Thank you for your question. I am happy to assist you.
You will want to consider filing bankruptcy.
The assets that you may retain in a bankruptcy depend upon the Chapter bankruptcy you file and the state exemptions.
As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.
A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets that exceed your exemption.
I hope that the information which I provided was helpful to you.
I believe I wil qualify under chapter 7 based on the research i have done. I have no real assets, no property, a 8 year old vehicle. I fall just above the limit on the means test. Will my retirement be safe? That's my biggest concern.