O’Bryan Law Offices represents Bankruptcy clients throughout all of Kentucky and Southern Indiana. We offer in-person and video/telephone consultations for people so they can understand their financial options from the comfort of their own home.
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O'Bryan Blog


Will I Lose All My Stuff If I File for Bankruptcy?

A common concern of our clients is whether they will lose their possessions if they file for Bankruptcy. The answer to that question is quite simply, generally no. The Bankruptcy Trustee or your creditors will not take the clothes off your back or the majority of your household goods and other possessions. There are certain exemptions available to everyone that files Bankruptcy that allows most people to protect most, if not all, of their possessions.

Exceptions to the Rule

One exception to this is for items that were purchased with a credit card or loan for which the agreement contains a security agreement. A security agreement works similarly to a car loan and means that the item you purchased is security for the debt. Generally, this means that you will have the option to either surrender the property securing the debt and discharge the debt or enter into an agreement with the creditor to repay the debt in order to keep the property securing the debt. Often, a settlement can be negotiated so that you can afford to keep your property. You can often tell if your credit card or loan contains a security agreement simply by looking at the contract or purchase agreement you signed when you incurred the debt.

Secured Debt and Bankruptcy

If you think you might have a secured debt and want to know your options, bring that agreement with you when you come to your appointment with one of the experienced Bankruptcy attorneys at O’Bryan Law Offices. We will help you understand your options and how you can file Bankruptcy and keep the possessions that are so important to you and your family. At O’Bryan Law Offices, we have helped thousands of individuals and families file Chapter 7 and Chapter 13 bankruptcies. Our clients have dealt with many of life’s challenges, resulting in overwhelming debt. They chose to address their debt head on and give themselves the fresh start they deserve.

If you are interested in learning about your options through Bankruptcy, make an appointment to speak with one of the experienced Chapter 7 lawyers and Chapter 13 lawyers at O’Bryan Law Offices today. We now offer free “Life After Bankruptcy” courses to our clients to help them rebuild their credit score. Call us today at 502-339-0222 for a free Bankruptcy consultation. Get a Fresh Start today!


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