Can I Keep My Property If I File for Bankruptcy?
If you're considering filing for bankruptcy, you may be wondering if you'll be able to keep your property. The answer depends on the type of bankruptcy you file and the property you own.
Chapter 7 bankruptcy allows you to keep your exempt property, which includes your home, car, and basic household furnishings. You may also be able to keep any nonexempt property if you can pay for it in full.
Chapter 13 bankruptcy requires you to repay your debts over a three- to five-year period. During that time, you can keep all of your property, including your home and car.
If you have valuable nonexempt property, such as a boat or vacation home, and you want to keep it, Chapter 13 may be the better option for you.
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