The better question maybe to ask what will you gain if your go bankrupt?
Most likely if you are in such a financial mess that you have to even ask these questions you stand to lose a lot, if you don’t take some action. Creditors can be ruthless and if they don’t get their money they are going to come after you with some type of legal action. This could include liens and garnishments. Not to mention the sleep you are probably missing out on with all the stress of being in a financial dilemma. The best start is to speak with a bankruptcy attorney to see which of the bankruptcy chapters you qualify for. Then this legal expert can review your circumstances, to see just what your debt load is.
The bankruptcy laws are in place to help you get a fresh financial start, and the government is well aware that there are some necessities you cannot go without. These are the items that will be classed as exempt when it comes to a chapter 7 bankruptcy. The exemptions often have a dollar value and these will vary according to the State that you live in. If you only have one vehicle however and it is worth a substantial amount of money then it could be over the vehicle allowance of your state’s bankruptcy regulations. It is important to know what the possible outcome of your bankruptcy may be, and your Dayton OH bankruptcy attorney is the one that can best advise you concerning this.