Do you have to give up all assets?

[jenni]

Do you have to give up all of your assets when you file for bankruptcy? Or can you keep some of them?

[chrissie1101]

It is the difference between ch 7 and ch 13 and depends on the value of your assets. If your value is between 300 and 900 k then you can work something out.

[bellagirl]

Like the PP said, it depends on what you file for. Also depends on your assets. If you are still paying on a car for eg, that is not an asset, it is owned by the finance company and will get declared. The only exception I think is if you use the vehicle for work.

[abram12]

Not a bad idea:


Debt Consolidation

[leia]

so does that mean that you will get to keep your assets if it is not fully paid yet? But aren't you filing for bankruptcy so you don't have to pay for anything and start fresh?

[juan22]

Good to know the differences in the two chapters.