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

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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: What are the chances of renting a house during bankruptcy?
A: It is entirely possible to rent a house during your bankruptcy proceedings, but there are certain steps that you can take to maximize your chances of doing … More
Q: Can a bankruptcy court cancel a promissory note?
A: Yes. If your debts are successfully discharged in bankruptcy, then your outstanding promissory notes that deal with your current loan obligations are … 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: How soon after bankruptcy can I purchase a home?
A: A bankruptcy discharge remains on your credit report for seven to ten years, which can negatively impactyour ability to obtain the credit necessary to finance … More
Q: Can't 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: Can a creditor object to bankruptcy discharge?
A: In a Chapter 7 bankruptcy case, you are not automatically entitled to a complete discharge of your debts. Rather, your creditors can object to the discharge of … 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 happens if my car is totaled while I'm in the midst of bankruptcy?
A: If you have a car accident while inbankruptcy proceedings, there are a number of possible effects on your bankruptcy proceedings. First¸ depending on … 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