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Canton Man Keeps Assets Through Chapter 7 Bankruptcy

A man in Canton, Ohio recently contacted our skilled bankruptcy lawyers to discuss his level of credit card debt and monthly expenses after a divorce left him paying his normal level of expenses on a single income. After working hard over the years, his main concerns were related to keeping his union pension, annuity, and other personal assets including a paid off vehicle and a cherished gun collection. This notion about bankruptcy is fairly common since people sometimes think that someone will appraise items in their home for an estate-like sale and any assets will be liquidated to pay off their outstanding debts.

At Luftman, Heck & Associates, we try to dispel many of the myths about bankruptcy and strive to offer an authentic overview of the process. After assuring him that we’d work to protect these items, we assisted him in filing a chapter 7 bankruptcy. This erased his credit card debt, while at the same time, we preserved his firearm collection by convincing the trustee it offered no substantial value. By protecting his personal assets and his retirement accounts, this client was now in a much better position going forward.

Prior results do not guarantee a similar outcome in your case. Individual results may vary based on the facts, injuries, jurisdiction, venue, witnesses, parties, and other factors. The results and client testimonials provided are not necessarily representative of the results obtained by all clients or their satisfaction with the firm’s services.