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  1. #1
    Join Date
    Sep 2016
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    Default Can You Keep Some of Your Property if You File Chapter 7 Bankruptcy

    If you file a Chapter 7 bankruptcy case are you allowed to keep any of your property, or does all of it go to your creditors?

  2. #2
    Join Date
    Sep 2005
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    Default Re: Can You Keep Some of Your Property if You File Chapter 7 Bankruptcy

    Read this article.

    The federal bankruptcy code includes exemptions that allow bankrupt people to protect some of their property from their creditors in bankruptcy. Most states also have exemptions, and in some states the state exemptions are more generous than the federal exemptions.

    Many people go through Chapter 7 bankruptcy without having to give up any of their personal property or real property.

    Your best bet is to have your case evaluated by a bankruptcy lawyer in your state. Your lawyer can verify that you qualify for Chapter 7 bankruptcy and help you verify how exemptions will apply to your case.

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