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Property in Your Bankruptcy Estate
When you file for bankruptcy, most of your property becomes property of the bankruptcy estate.
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Property That is Not in Your Bankruptcy Estate
Property that is not in your bankruptcy estate is not subject to the bankruptcy court’s jurisdiction, which means that the bankruptcy trustee can’t take it to pay your creditors under any circumstances.
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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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Equity in property is the difference between the fair market value of the property and the amount you owe on any loans or liens associated with the property.
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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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Exemptions in Chapter 7 Bankruptcy
Exemptions in Chapter 7 bankruptcy allow you to keep some or all of your property after you file a Chapter 7 case. There are exemptions for all kinds of property, including furniture, cars, houses, pensions, cash, and tools.
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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.
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What will happen if I inherit a large sum of money after filing for bankruptcy?
If you receive an inheritance within 180 days after filing for bankruptcy, you have to report it to the bankruptcy trustee. The consequences of receiving the inheritance depend on several factors, including whether the inheritance is exempt and whether you filed under Chapter 7 or Chapter 13.