Will I Lose My House, Car, And Other Personal Property?

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Will I Lose My House, Car, And Other Personal Property?

Not necessarily, each state has laws that determine which items or property are exempt from being taken away. For example, many states exempt personal items such as furniture and clothing. In addition, other kinds of property are exempt up to a limit. These exemption limits mean that any equity that you have in the property above the limit is not exempt. The Bankruptcy Court can take the property and sell it, pay off any creditors, give to you the exemption amount, and keep the rest for other creditors.

Other Your Assets and Bankruptcy FAQs

Q: If I File For Chapter 7 Can I Keep Some Of My Property?
A: In general, Chapter 7 bankruptcy gives up all of your non-exempt property. Exempt property is property defined by state law which is not discharged from … More
Q: Will I Be Required To Sell My Assets?
A: Yes. A lot of your property which is deemed a necessity will not be released, but filing bankruptcy (under Chapter 7) will often require you to give up certain types … More
Q: Cant I Just Transfer My Assets To A Friend Or A Living Trust Before I File For Bankruptcy?
A: These types of transfers may be considered fraudulent and your Chapter 7 trustee may be able recover the property within a year of filing. Factors will be … More
Q: What Are Exemptions?
A: 11 U.S.C. º 522(b) allows an individual debtor to exempt real, personal, or intangible property from the property of the estate. State law protects exempt assets … More
Q: What Is Redemption?
A: Redemption allows an individual debtor (not a partnership or a corporation) to keep tangible, personal property intended primarily for personal, family, or household … More