If you file for bankruptcy, you still have an opportunity to keep your house and vehicles. Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.
If the bank holding your mortgage has filed a foreclosure action against you and received a judgment of foreclosure from the Court, you will still have a significant amount of time in your home before you are required to vacate the premises.
If your business’ debts are threatening its continued operations, you should consult with your attorney about pursuing one of the following courses of action to either restructure your business’ debt or obtain a fresh start without incurring personal liability for your business debts.
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