Your Property in Bankruptcy
Your Property in Bankruptcy
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Will I Lose All My Property If I File for Bankruptcy?
What happens to your property in bankruptcy depends on whether you file under Chapter 7 or Chapter 13. In Chapter 13, you get to keep all of your property. In Chapter 7, you may lose property that isn't protected by an exemption.
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Bankruptcy Exemptions – What Do I Keep When I File For Bankruptcy?
Bankruptcy exemptions determine what you get to keep during and after bankruptcy -- whether it be your home, car, retirement account, or personal belongings.
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How Is Joint Property Treated in Bankruptcy?
If you are married and considering bankruptcy, you should consider how your bankruptcy filing will affect your spouse and the property you own together. The answers depend on what type of case you file, whether you file alone or with your spouse, how you own your property, and the laws of your state about marital property.
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Can the Bankruptcy Court Take My Car?
Find out what will happen to your car if you file for Chapter 7 or Chapter 13 bankruptcy.
Common Questions About Your Property in Bankruptcy
Common Questions About Your Property in Bankruptcy
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What is a clawback provision in a bankruptcy filing?
Answer: When you file for Chapter 7 bankruptcy, everything you own on that date (as well as certain property you receive in the six months after you file) is part of your bankruptcy estate. If the property is exempt under federal or state law, you get to keep it.
What Happens to Bank Accounts, Pensions, and Retirement Funds in Bankruptcy?
MoreWhat Happens to Bank Accounts, Pensions, and Retirement Funds in Bankruptcy?
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Is Your Pension Exempt in Bankruptcy?
If you have a pension and you file for Chapter 7 bankruptcy, you can probably exempt at least some of your pension and protect it from the bankruptcy trustee.
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Will I Lose My Checking or Savings Account if I File Bankruptcy?
If you file for Chapter 7 bankruptcy, will you be able to keep your savings, checking, or other bank accounts? The answer depends on what you mean by "keeping."
Rental Property and Investment Real Estate
MoreRental Property and Investment Real Estate
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Will I Lose My Rental Property If I File for Bankruptcy?
Do you own rental property? If you own a house, an apartment, commercial space, or a multi-unit building that you rent out to tenants, then you should consider how it will be affected if you file for bankruptcy.
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What Happens to Investment Real Estate in Bankruptcy?
If you own property that you don't use as a residence, you might lose it if you file for Chapter 7 bankruptcy.
Your Property in Chapter 7 Bankruptcy
MoreYour Property in Chapter 7 Bankruptcy
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Your Personal Property in Chapter 7 Bankruptcy
When filing for Chapter 7 bankruptcy, many debtors are able to keep most or all of their personal property. What you are allowed to keep depends on what property is deemed "exempt" by your state or the federal bankruptcy exemptions.
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Can I Keep My Cash in Chapter 7 Bankruptcy?
If you have cash on hand when you file for Chapter 7 bankruptcy, you may be able to keep some or all of it. Both federal and state laws provide exemptions that allow debtors to keep a certain amount of cash when they file for Chapter 7 bankruptcy.
Your Property in Chapter 13 Bankruptcy
MoreYour Property in Chapter 13 Bankruptcy
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Chapter 13 Bankruptcy: What If I Have a Lot of Equity in My Home?
If you have a lot of equity in your home, filing for Chapter 13 bankruptcy can allow you to keep your home and reorganize your debts. But if you can’t exempt all of your equity, you may have to pay back a significant portion of your unsecured debts through your repayment plan. Read on to learn more
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How Does Social Security Affect Disposable Income in Chapter 13 Bankruptcy?
In most courts, if you have a significant amount of Social Security income, the court will take this into account when approving your Chapter 13 plan payments.
Your Home in Chapter 7 Bankruptcy
MoreYour Home in Chapter 7 Bankruptcy
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Can Chapter 7 Bankruptcy Save My Home From Foreclosure?
Although Chapter 7 bankruptcy can temporarily stop foreclosure proceedings, it's ability to ultimately save your home from foreclosure is limited. Below you can learn how your mortgage is treated in Chapter 7 bankruptcy, why Chapter 7 isn't usually the best way to save your home, and the limited ways
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Can You File for Bankruptcy If Your House Is in Foreclosure?
Learn how you can use a bankruptcy case to save your home from foreclosure.
Your Home in Chapter 13 Bankruptcy
MoreYour Home in Chapter 13 Bankruptcy
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Chapter 13 Bankruptcy: What If I Have a Lot of Equity in My Home?
If you have a lot of equity in your home, filing for Chapter 13 bankruptcy can allow you to keep your home and reorganize your debts. But if you can’t exempt all of your equity, you may have to pay back a significant portion of your unsecured debts through your repayment plan. Read on to learn more
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What Happens to Mortgages in Bankruptcy
A major concern for most homeowners who are contemplating bankruptcy is how bankruptcy will affect their mortgage. The good news is that your mortgage company cannot raise your interest rate or change other terms of your loan to punish you for filing bankruptcy. But there are several other things you should know about how fi
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Will Chapter 7 Bankruptcy Prevent a Car Repossession?
If you are not making timely car loan payments, Chapter 7 bankruptcy cannot permanently prevent a car repossession. However, Chapter 7 can temporarily delay the lender from repossessing your car and allow you more time to negotiate or cure your default.
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What Happens to a Car Lease in Chapter 7 Bankruptcy?
What happens to your car lease in Chapter 7 bankruptcy depends on whether you are behind on your payments and on what the bankruptcy trustee decides to do with the lease – the trustee can assume or reject the car lease.
Your Car in Chapter 13 Bankruptcy
MoreYour Car in Chapter 13 Bankruptcy
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Your Car in Chapter 13 Bankruptcy
In Chapter 13 bankruptcy, you get to keep your car and pay off your car loan through a repayment plan. Further, you may even be able to reduce the principal balance and interest rate on your car loan.
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How to File Bankruptcy Without Losing a Car
Whether you can keep your car in bankruptcy depends on the answers to these three questions