If I file a chapter 7, can I keep my home and other personal belongings? 3 Answers as of June 23, 2011

I have 10 more years on my mortgage and have furniture and heirlooms I do not want to part with. Can I keep them after filing?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Cartwright Law Firm
Cartwright Law Firm | Andrea Cartwight
In most cases, debtors get to keep all their property in a Chapter 7 Bankruptcy. However, it will depend upon how much equity you have in your home. It is very important to seek the advice of a bankruptcy attorney to determine whether your property would be protected. If you should have any questions or concerns, please feel free to contact me. Our firm offer Free consultation, low fees and EZ Payment Plans. I also have over 20 years of experience helping people file for bankruptcy. For more information, please visit our website.
Answer Applies to: Michigan
Replied: 6/23/2011
Breckenridge and Walton
Breckenridge and Walton | Alan D. Walton
Each debtor can protect $21,625 in home equity and $11,525 in household goods and furnishings. There is also a wild card exemption which ranges from $1,150 to $11,975, depending on how much of the home equity exemption is used.
Answer Applies to: Michigan
Replied: 6/21/2011
Law Office of Lynnmarie A. Johnson
Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
Yes, generally you do get to keep your house and furnishings in a Chapter 7 bankruptcy. You should see a bankruptcy attorney to find out what the exemption amounts are in your state, but most people get to keep both. You may have a problem if you have a lot of equity in your house and it may be necessary if your heirlooms are antiques to get an appraisal of the furniture, but a good, experienced bankruptcy attorney can guide you through this and make sure that you would know that you get to keep your belongings or will tell you what alternatives you might want to pursue if necessary.
Answer Applies to: Michigan
Replied: 6/21/2011
Click to View More Answers: