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In most situations, you will not lose your home, car, or other personal belongings in bankruptcy, provided that your property is fully exempt. If your property is not fully exempt, you can keep it if you pay its non-exempt value to creditors in a Chapter 13. However, if your creditors have a security interest in your home or car, you must make payments on that debt if you wish to retain the property.
You should bring your recent paystubs or other proof of income, tax returns for the last two years, bank statements, mortgage statements, vehicle loan statements, credit card statements, utility bills, and any lawsuits filed against you or by you. You should also compile a list of your monthly expenses.
Bankruptcy can stay on your credit report for ten years from the date you file. However, because bankruptcy wipes out your past debts, you are often in a better position to pay your current bills and will likely be able to get new credit after your discharge.
Unlike Chapter 7 bankruptcy, which focuses on debt discharge, Chapter 13 bankruptcy consists of a three-to-five year repayment plan that allows you to pay back a percentage of your debts. After you complete the plan, a portion of your remaining debts will discharge, giving you the fresh financial start you need. Within 30 days of filing for Chapter 13, you must begin making payments. Attorney Diddio will work closely with you to negotiate a repayment plan that meets your needs.