One of the most common reasons why some New York readers are hesitant to file for bankruptcy is because they have fears over what this step will mean for their personal property. There are misconceptions that upon filing for bankruptcy, a person will have to give up most possessions, but that is not true. It may surprise you to learn that you will probably be able to keep most of your stuff, even if you seek bankruptcy protection.
If you are facing overwhelming debt you cannot manage on your own, it may seem like there is no way out. However, through bankruptcy, you may be able to deal with certain types of debt once and for all, securing a better financial future for yourself. If fears of losing your stuff are holding you back from moving forward with bankruptcy, you may want to learn more about property exemptions.