Filing for Bankruptcy: What Can You Protect?

whether you file for Chapter 7 or Chapter 13; if you file for Chapter 7, how much equity you have in your home, and; if you file for Chapter 7, the amount of the available homestead exemption. Your Home in chapter 13 bankruptcy. In Chapter 13 bankruptcy, you keep your property and repay your debts (some in full, others in part) over time.

3 options to protect your car in bankruptcy.. or file for, a Chapter 13 bankruptcy. You can pay back in a Chapter 13 bankruptcy what you can’t protect in a Chapter 7. As in the above example.

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If you can’t exempt all of your home equity, you risk losing your home in chapter 7 bankruptcy or having to pay back most of your unsecured debts in a Chapter 13. Luckily, most states allow you to protect a certain amount of equity in your home (discussed below).

You won’t lose all of your property when you file for bankruptcy. bankruptcy exemptions allow you to protect property that you’ll need to work and live. Here’s how it works. When you file for bankruptcy, you relinquish ownership of your property to the bankruptcy court, and it becomes part of what’s known as the bankruptcy "estate.

There are several ways that you can keep collateral or mortgaged property after you file bankruptcy. You can agree to keep making your payments on the debt until it is paid in full. Or you can pay the creditor the amount that the property you want to keep is worth.

Wages that you earned before you filed but didn’t receive until after you file are part of the bankruptcy estate. You may be able to keep wages earned before filing and received after filing if you can prove that you need the money for reasonable and necessary living expenses.

People in financial dire straits can file for bankruptcy via the Chapter 7 or Chapter 13. you might want to consult a bankruptcy lawyer if you have some annuity income you’d like to protect. This.