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Chapter 7 Helps You Keep Your Property

Chapter 7 Animated Demonstration

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Holding on to Property in Chapter 7

Most people filing Chapter 7 don't lose anything. While Chapter 7 eliminates all discharge-able debts, all your property, except property that is exempt, is converted into cash to pay creditors. Most people don't lose any property

Equity in property

Whether you will lose any property in a Bankruptcy depends on your equity. Equity is the difference between what you owe for specific property and what it's worth. For example, if you owe $10,000 on a $15,000 car, your equity in the car $5000

Keeping financed property

Usually, you can keep property purchased on credit (such as cars, houses, furniture and appliances) so long as you are willing and able to keep paying on those accounts. Bankruptcy only eliminates your legal obligation to pay the debt. The creditor continues to have rights to the property and can repossess it after the Bankruptcy if you don't make satisfactory payment arrangements. Most people choose to keep and pay for such property. But if you want, you may return the property and pay nothing

 

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