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Will you lose everything if you go bankrupt?

If you're struggling with the possibility of bankruptcy in Washington, D.C., you may be wondering exactly what you'll lose. There are plenty of bad rumors about bankruptcy that could turn anyone away from it, but we at Ammerman & Goldberg Bankruptcy Law Office are here to help you separate myth from reality.

Exemptions exist in many cases, and you may find more of your property protected than you initially believe. A common misconception about bankruptcy is that the person filing for it will lose everything. This can include their car, house, or even personal possessions with great sentimental value. Horror stories can be found across the internet detailing tales of people who claim that they sold wedding rings or prized family heirlooms for bankruptcy.

However, there are actually a number of ways that you can protect your property during the bankruptcy process. While it's possible to end up in a scenario where some of your property is threatened, such as your car possibly being repossessed or creditors threatening to foreclose your house, you can work things in a way that will allow you to keep most items.

This is where bankruptcy attorneys come in handy. When you're dealing with bankruptcy exemptions, you need to know exactly what's protected under the law and what steps can be taken to protect the things that aren't covered. If you'd like to read more about what to expect when protecting your property from being taken due to debt or bankruptcy, check out the link to our web page.

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