Will I get to keep my stuff? - This is the first question that comes to most people’s minds when the thought of bankruptcy gets brought up.  Some individuals go so far as to sign over cars, vacations houses and other expensive items to their family and friends in order to try and hide them from the government - your Detroit MI bankruptcy attorney will be the first person to tell you that this isn’t the wisest decision.

The truth of the matter is that whether or not you get to keep the majority of your possessions or not depends on the type of bankruptcy that you are filing.  You can discuss the alternatives with your Detroit MI bankruptcy attorney and together determine which kind of bankruptcy is right for your situation.

Under Chapter 7 bankruptcy (liquidation), the majority of your possessions will be auctioned off in an attempt to repay the bulk of your debt to your creditors.  Under Chapter 13 (restructure), you will keep the bulk of, or maybe even all of your possessions and you will pay one lump sum of money per month to your trustee who will divide and redistribute those funds to your creditors in order to satisfy your debt over a period of years. 

Your Detroit bankruptcy attorney will be able to explain all of the pros and cons of each kind of bankruptcy for your particular situation and make a strong recommendation for one over the other.  You probably shouldn’t fight your Detroit bankruptcy attorney on this point, because his or her vast experience will direct you down the best course to restoring your financial status.  You may not want to heed their suggestion, but going through any type of bankruptcy is going to be a tough situation so you’ll be best served by filing for the type that will aide you the most in your given situation.