Whenever you are consider filing for bankruptcy, you may wonder what assets you get to keep and what may be liquidated to pay off debts. Filing bankruptcy as a means of debt relief can help Florida residents hold on to assets they need, but you must understand the process in order to ensure assets are not repossessed. Having misinformation about bankruptcy and debt relief can result in a continuance of financial woes.
If assets, such as boats, cars or other vehicles, are in the process of being repossessed, bankruptcy can halt that process and allow you to keep the vehicles. However, it is important to understand that this is a temporary stoppage and the debt is still there. Bankruptcy can give you the time needed to get current with payments and a timeline will be devised.