What happens to my properties when I file for bankruptcy?
What properties can I keep?
In some cases you should be able to keep your property in a Chapter 13 bankruptcy
Chapter 7 bankruptcy and your properties
A chapter 7 bankruptcy is known as a liquidation bankruptcy, which means the trustee has the ability to sell any property that could create revenue to pay the debts you owe to your creditors. Normally, this does not happen if your home does not have equity or if you are current on your secured loans.
Our office will be able to work with individuals on a case by case basis to inform you whether a Chapter 7 bankruptcy or a Chapter 13 bankruptcy is appropriate for you.
Chapter 13 bankruptcy and your properties
A Chapter 13 bankruptcy is an organization bankruptcy and will assists debtors in organizing their debts. You should be able to keep your property in a Chapter 13 bankruptcy, however, to answer the question ” what happens to my properties”, you will need to speak directly to the attorney concerning the guidelines of your case.