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What am I allowed to keep in a bankruptcy?
Answered By Editor
There are two types of bankruptcy, Chapter 7
and Chapter 13. In Chapter 7 bankruptcy, also
called a liquidation bankruptcy. In that case
the trustee will sell all of your nonexempt
assets. You get to keep your clothing, food,
books, personal belongings, furniture, some
cash, and your wedding ring. There are also
some protections on your car and some real
estate (depending on the state).
In a Chapter 13 bankruptcy, or a
"reorganization" you get to keep most of
your assets, but have to arrange to pay off
your debt within 2-5 years. This means you
can keep your assets and only the cash needed
for living expenses.
keywords: Bankruptcy | Bankrupt | Creditors | Debt
| Debt Relief | Chapter 7 | Chapter 13 | Assets | Reorganization
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