What can you keep in Chapter 7 bankruptcy?

Answer Chapter 7 bankruptcy technically requires all assets to be sold to generate cash for creditors. However, states have enacted laws allowing people to keep certain assets outside of the bankruptcy.Co... Read More »

Top Q&A For: What can you keep in Chapter 7 bankruptcy

What can one keep during a Chapter 7 bankruptcy?

Filing for Chapter 7 bankruptcy doesn't mean you will lose all your belongings and assets. You are allowed certain exemptions. These exemptions can differ from state to state and from state to fede... Read More »

In Chapter 7 Bankruptcy can you use the Homestead Federal Bankruptcy Exemption to keep your 120000paid off condominium with a lien against it for an 11000credit card debt in pa?

Your right that PA has no special homestead exemption for BK and you would rely on the Federal one.The lien (the Cr Card one), is essentially the same as a first position mortgage against the prope... Read More »

What Assets Can I Keep in Chapter 7 Bankruptcy in Oregon?

Chapter 7 bankruptcy allows debtors to give up non-exempt assets to pay down debt in exchange for the court discharging remaining debts. The federal government sets asset exemption amounts for many... Read More »

In Pa in chapter 7 bankruptcy can person use Federal Bankruptcy Exemtion to keep 120000 paid off condominium if this is only asset and only projected income is 238 monthly?

Refer to your last similar Q.Yes you have a 125K Federal Homestead Exemption.Yes you have issues that need to be protected by an attorney in the BK process (any creditor will have one and they will... Read More »