There are two types of bankruptcy, reorganization and liquidation.  A liquidation bankruptcy regularly called Chapter 7 and a reorganization bankruptcy case, which is regularly called a Chapter 13, 11 or 12.
A common misconception is that a Chapter 7 or liquidation case means that you will lose all of your assets.   You may, but, most of the time some of your assets will either be protected by exemptions, have a liens on them or are simply not worth enough for the Trustee or liquidator to take.
Before the case may be filed, you must take a “debtor education” course.  This course may be taken in a classroom, on-line or by telephone.  If the course has been taken, you will then file a Voluntary Petition and schedules as required by the Bankruptcy Code.
You may reaffirm, redeem, surrender or simply keep property in a case.  Having an experienced attorney advise you is the first step to making the determination as to what you may keep, what property you may lose or what property the Trustee is going to be looking at to either abandon or liquidate.

About Nathan Davis, Esquire

Born in Charleston, South Carolina, Nathan Davis has been practicing law for many years. Mr. Davis has a wide variety of experiences having practiced domestic relations, criminal law, social security law having also practiced collection law in the past. This knowledge is helpful when someone needs to restart their financial life. The practice is now primarily bankruptcy and debtor representation work, but, Mr. Davis continues to also practice real estate law, trusts and estates and a general litigation practice. I believe that the most important part of representation is trying to leave you better off when the case is finished than when you started. Although I will do as my client directs, I will always tell you if I think that you are making a mistake. Bankruptcy is about a "fresh start". If you do not make changes in what you are doing, you will be doing what you are doing now in the future. There is no shame in bankruptcy or other steps that you may take to start your life over. Too often, people worry more about things than about themselves, their family or their future.
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