Property and Exemptions in Bankruptcy

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What happens to your property and assets in bankruptcy? Whether you will lose your home, car, personal possessions, bank accounts, retirement accounts, and other property depends on several factors. First, are you filing for Chapter 7 or Chapter 13 bankruptcy? In Chapter 13 bankruptcy, for the most part, you keep your property. In Chapter 7, you may lose some property. It depends on whether your property is exempt or not.

Start here for information about how property is treated in Chapter 7 and Chapter 13 bankruptcy, and to learn how exemptions work.

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