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 will depend on whether you file for Chapter 7 or Chapter 13. In Chapter 7, you'll lose property that isn't protected by an exemption. In Chapter 13, you'll keep all of your property, but you'll pay for nonexempt property that isn't covered by a bankruptcy exemption through the Chapter 13 repayment plan.
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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, including your home, car, retirement account, or personal belongings. But you'll have to comply with exemption rules. Find out which state exemption laws will apply in your bankruptcy case, or whether you can choose the federal bankruptcy exemptions instead.
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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.
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 or Chapter 13 bankruptcy, will you be able to keep your savings, checking, or other bank accounts? The answer depends on what you mean by "keeping." While most banks won't close an account in good standing, you'll have to cover the balance with a bankruptcy exemption. Otherwise, you'll likely lose it. Other bankruptcy checking and savings account issues include losing funds to setoff and difficulties opening new accounts after a bankruptcy filing.
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Protecting Rental Property When Filing 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.
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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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Chapter 13 Bankruptcy: What If I Have a Lot of Equity in My Home?
Find out what happens if you file for Chapter 13 bankruptcy and you have lots of home equity.
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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.
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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.
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Chapter 13 Bankruptcy: What If I Have a Lot of Equity in My Home?
Find out what happens if you file for Chapter 13 bankruptcy and you have lots of home equity.
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What Happens to Mortgages in Bankruptcy
A major concern for most homeowners who are contemplating Chapter 7 or Chapter 13 bankruptcy is how the bankruptcy will affect their mortgage. Although your mortgage company cannot raise your interest rate or change other terms of your loan, some homeowners filing for Chapter 7 bankruptcy will lose their homes if they’re behind on payments or have too much equity to protect with a bankruptcy exemption. Chapter 13 helps filers bring homes out of foreclosure by providing a way to catch up on missed mortgage payments.
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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.
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Your Car in Chapter 13 Bankruptcy
You won’t lose your car in Chapter 13 bankruptcy. Filers making vehicle payments can reduce the loan interest and pay off the car loan through a repayment plan. Filers can even catch up on late payments and, in some cases, pay less by reducing the principal balance to the vehicle’s value using a “cramdown” procedure.
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How to File Bankruptcy Without Losing a Car
No one wants to lose a car in bankruptcy. Keeping your vehicle in bankruptcy will depend on the following: whether you file for Chapter 7 or Chapter 13 bankruptcy, if you’re behind on your car payment, and whether you can protect all of the vehicle equity with a bankruptcy exemption.