Nobody wants to file bankruptcy. In almost every case consumers are forced to file as a result of divorce, disability, unmanageable medical bills, or unemployment and underemployment. In these situations, the bankruptcy law exists to give you a new start.
For consumers bankruptcy provides an opportunity to regroup. You can go forward to rebuild your credit (quite quickly, in fact) and acquire new property without worrying that your creditors can take your income, your property, your home.
But all of the typical consumer debtor's property is exempt – it cannot be taken in bankruptcy. That almost always includes your home, all of your retirement accounts, your furnishings and furnishings, and to at least some extent, just about everything you own. A fundamental concept of bankruptcy is that the debtors relinquish their property to the bankruptcy court which sells it at auction and distributes the proceeds to the debtor's creditors on a fair basis – that concept most often applies to that 2% that you have heard so much about. And yes, that 2% does file bankruptcy. And they do often lose property.
My job is to identify any risk that your case might involve. I hate surprises. During your initial consultation with me, we will talk about your property, your debts, your household composition, and your income. I will bring any red flags to your attention.