Is there a type of bankruptcy that lets me keep property? 6 Answers as of October 07, 2010

Is there a type of bankruptcy that allows people to keep their property? Which one?

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Any bankruptcy allows you to keep property depending on what the value of the property is and what exemptions you have available under applicable state (or other) law. Chapters 11 and 13 you can always keep your property as long as you pay out to your creditors at least as much as they would get if the property were liquidated in a chapter 7 case.
Answer Applies to: California
Replied: 10/7/2010
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Each form of bankruptcy allows the debtor to keep some property. Most people who file bankruptcy keep all of their assets. This is due to state laws called exemptions that allow debtors to keep certain types of property, up to a certain value.

Chapter 7 is the most common form of bankruptcy. My Trustee friends inform me that 97 percent of the cases being filed no are "no asset" cases. This means that in 97 percent of all Chapter 7s being filed now, all assets of the debtor are exempt and there are no assets to be liquidated for the benefit of creditors.

Chapter 13 and Chapter 11 debtors typically keep all of their property, even if they are over the exempt amounts. In return, their plan must provide for payment to creditors in an amount equal to or greater than what the creditors would get if the debtor filed Chapter 7.

To decide if bankruptcy is right for you, to analyze which Chapter is right for you, and to understand what your exemptions are, I recommend that you contact a Certified Specialist in Bankruptcy Law - me.
Answer Applies to: California
Replied: 10/6/2010
Law Office of Barbara Seeley Curtis
Law Office of Barbara Seeley Curtis | Barbara Curtis
You can keep your car and house is you agree to make payment. In a chapter 13 you can keep assets but you must pay for them. Call me for more details.
Answer Applies to: Florida
Replied: 10/6/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
Most types of bankruptcy will let you keep some property. It just depends how much the property is worth.
Answer Applies to: California
Replied: 10/5/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
All chapters have the potential to allow you to keep all your property. But this is only if you retain someone who knows the ins and outs of the bankruptcy code.
Answer Applies to: California
Replied: 10/5/2010
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