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Can I keep my property?

Can I keep my property?

In Chapter 13 bankruptcy, you repay all or a portion of your debts through a repayment plan over a period of three to five years. In exchange, you may keep your property (including your car and home), assuming you keep up with payments on any loans secured by the property – and keep making your repayment plan payments.

Your plan will also have to ensure that your creditors will get as much through the Chapter 13 bankruptcy as they would have received in a Chapter 7 bankruptcy.

Chapter 7 bankruptcy is designed to wipe out your debts; but there is a catch. If you own too much property then the bankruptcy trustee may sell some of it and pay the proceeds to your creditors.


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