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Will Filing Bankruptcy Affect All of My Ownership Rights?



Written by Camy B. Schwam-Wilcox of Schwam-Wilcox & Associates, Attorneys and Counselors at Law posted in Bankruptcy on Tuesday, April 28, 2015.

No. It is a common thought that after a person files bankruptcy that they are not permitted to own assets, and that is just not true. Remember, you get to keep all of your exempt property during your bankruptcy, and for most people, that is all of their belongings. There is something called a bankruptcy estate, and for 6 months (180 days) if you were to receive a windfall of some kind: an inheritance, a property settlement, or life insurance benefits, that money or property may have to be paid to your creditors, the people you owe money to, if the additional money/property puts you over your exemption allowance. For more information on what you get to keep even if you file bankruptcy you can contact the attorneys at Schwam-Wilcox & Associates, for a complimentary consultation. You can reach the office by e-mailing info@cbswalw.com; calling 407-245-7700 or visiting our website at www.cbswlaw.com. Home Offices: Orlando

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