What to Keep When Filing Bankruptcy

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When filing bankruptcy, the decision of what to keep is largely dependent on whether or not an individual files a Chapter 13 reorganization, in which they should be able to keep their property. Find out how property is divided into exempt and non-exempt sections under Chapter 7 bankruptcy with help from a certified civil mediator in this free video on bankruptcy and money management.

Part of the Video Series: Bankruptcy & Foreclosure
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Video Transcript

You are considering filing bankruptcy, but you're not sure what you're going to be allowed to keep and what you're going to have to give up. And to a large extent, your decision on whether to file bankruptcy is going to be dependent on what the answer is to that question. Hello, I'm Robert Todd, and I'm here to answer the question: What to keep when filing bankruptcy. Well, it's going to depend, to a large extent, on whether you file a Chapter 13 reorganization, in which you should be able to keep your property because you're going to simply reorganize and pay off your debtors over a period of time, which presumes that you're going to have sufficient income to not only pay off a payment plan, but to have something extra. Or whether you file a Chapter 7, in which case you're going to have your property divided into exempt property that you get to keep, or non-exempt property which the trustee is going to sell and convert to cash to pay off your creditors. And depending on whether you file a Chapter 13 or a Chapter 7, you're going to have the law in the state in which you file the bankruptcy dictate what property you can keep and what property you can't keep. So if you have a question in this regard, you may be well-advised to hire a bankruptcy attorney who specializes in bankruptcy. I'm Robert Todd, and thank you for watching.


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