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What happens to your dog during bankruptcy?

On Behalf of | Jun 15, 2022 | Firm News

If your dog feels more like a member of your family than an animal, you certainly are not alone. In fact, according to the University of Central Florida, about 80% of dog owners treat their pups more like children than companion creatures.

Even if you have mountains of debt, parting with your dog is simply a nonstarter. Fortunately, if you decide to seek bankruptcy protection, you probably do not have to worry about giving up your furry friend.

The sale of assets

One type of bankruptcy seeks to address your outstanding debts by selling some of your assets to pay your creditors. If you go through with this type of bankruptcy, a judge is likely to discharge all or most of your remaining debts. Unfortunately, despite seeming like a member of your family, your dog is an asset.

Your dog’s value

You should not panic, however. While your pooch may be invaluable to you, the bankruptcy trustee undoubtedly knows exactly how much it would cost to care for and sell your dog. This amount is probably far more than the trustee could make by selling your pup. Therefore, the odds of having to watch your pooch go on the sale block are likely small.

Your mental health

Having too much debt can take a tremendous toll on your mental well-being. Even though your dog may help to keep you mentally healthy, you should not always have to feel like you are suffocating under piles of debt.