Will filing for Bankruptcy let me keep all of my assets and give me a fresh start economically?

Generally yes, as it is the design of the Bankruptcy process to assist the debtor in obtaining a “fresh start” in his or her financial future. However, only some assets can be afforded Bankruptcy protection. In most cases, the debtor’s primary residence, automobile, and a certain amount of other goods and items can be protected. However, a common Bankruptcy myth is that the debtor will become free and clear of all of their present financial obligations. This is not always true.

Although a discharge in Bankruptcy will likely relieve the debtor of much, if not all unsecured debt, such as credit cards or medical debt, timely payments must still be made on some of the assets the debtor chooses to keep. Although a successful Bankruptcy debtor is not required to continue making payments for the household goods, furnishings, trade tools, jewelry and appliances that are being exempted during the Bankruptcy process, a debtor is generally obligated to continue paying the balance owed upon their home and vehicle.