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Can I Keep My Property?
Can I Keep My Property in a Chapter 7
In Chapter 7 bankruptcy, the trustee liquidates your "nonexempt property" to pay your creditors off.
"Non-Exempt" Items that the debtor usually has to give up include:
- Expensive musical instruments, unless the debtor is a professional musician
- Coin or stamp collections, and other valuable items
- Family heirlooms of value
- Cash, bank accounts, stocks, bonds, and other investments
- A second car or truck
- A second or vacation home
"Exempt" property (items that a debtor may usually keep) can include:
- Motor vehicles, up to a certain value
- Reasonably necessary clothing
- Reasonably necessary household goods and furnishings
- Household appliances
- Jewelry, up to a certain value
- Pensions
- A portion of equity in the debtor's home
- Tools of the debtor's trade or profession, up to a certain value.
- A portion of unpaid but earned wages
- Public benefits, including public assistance (welfare), social security, and unemployment compensation, accumulated in a bank account
- Damages awarded for personal injury
Can I Keep My Property in a Chapter 13
The bankruptcy trustee in a Chapter 13 allows you to keep all of your property including your nonexempt assets. In exchange for keeping all of your property, you pay back all or a portion of your debts through a repayment plan, usually at a much lower cost to you.
These issues can be complex. For answers to your questions, give us a call to schedule your free in-person consultation. 844-260-8570
Salinas Office:
30 E. San Joaquin St,
Suite 203G
Salinas, CA 93901
Phone:
831-783-0260
Fax: 831-585-1024
Disclaimer: Central Coast Bankruptcy, Inc., A Professional Law Corporation, is a federally designated DEBT RELIEF AGENCY. This law firm provides legal advice about filing for bankruptcy and represents people and small businesses in filing for bankruptcy relief under the US Bankruptcy Code. The information described on this website is for informational purposes only, and should not be considered legal advice or legal authority. Further, the provision of such information does not form an attorney-client relationship. As such, you should not act or rely on this information before seeking the advice of legal counsel.No testimonial or endorsement anywhere on this website constitutes a guarantee, warranty or prediction regarding the outcome of your legal matter. Until an attorney-client relationship has been formed, any communication made may not be privileged.his website and its contents are considered an advertisement under the regulations of the State Bar of California.