What Happens to Your Property in Bankruptcy?

Whether you can keep your property in bankruptcy depends on whether you file for Chapter 7 or Chapter 13 bankruptcy.

If you file for bankruptcy under Chapter 13, you won't have to give up your property. Instead, you repay your debts over three to five years through a Chapter 13 repayment plan. 

If you file under Chapter 7, you may have to give up some property. What property you keep depends, in large part, on whether the property is protected by an exemption. Because understanding exemptions is so crucial to your property disposition in Chapter 7 bankruptcy, be sure to check out our section on Bankruptcy Exemptions. You'll find articles explaining how exemptions work, which exemption system to use, and links to each state's set of bankruptcy exemptions.

Below you'll find articles explaining what happens to your property in both Chapter 7 and Chapter 13 bankruptcy, options for keeping or surrendering secured property (such as your car), and links to articles on certain types of property, such as homes, cars, personal property, bank accounts, and retirement funds.