Being in a bad financial situation can be so devastating and full of negative aspects that many individuals feel once they reached the stage where they have to go bankrupt that their life is really being put on hold. They feel the future is really bleak and that they will not be able to own any type of asset in the future.
It is important to have the right concept of what bankruptcy is. It is a form of debt relief that the government has put in place for individuals that have no other recourse for getting back on their financial feet. You may find that through your bankruptcy that there is a certain amount of property that you’re able to keep according to the exemption list that is being used for your particular bankruptcy. This is property that will remain as yours even when your bankruptcy is complete.
For a short period of time after your bankruptcy monies that you receive could end up becoming a part of your bankruptcy action that would go to your creditors. This is of course is if it has not been exempt from your bankruptcy action. For example, if you were to receive an inheritance or life insurance benefits within 180 days. After your bankruptcy then this money could be used to help settle some of your debt with your creditors that was before the bankruptcy court. You cannot to be forced however, to sell any of your exempted property after your bankruptcy by your creditors. If you expect to be receiving some funds shortly after your bankruptcy action or during your bankruptcy you should discuss this with your Dayton, OH bankruptcy attorney.