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