Protecting your Property
A question often asked of York and Associates is whether any of your property can be kept when filing a bankruptcy case? Generally, the answer is that you can keep all of your property, but there are specific rules for both Chapter 13 and Chapter 7 bankruptcy. Mr. York can guide you through the process and show you how the law applies to your specific needs. Please review the rules below to see how they are applied in both Chapter 13 and Chapter 7 bankruptcy. When you are ready, feel free to contact the law offices of York and Associates to set up a consultation regarding your specific situation and rest assured you will be given accurate legal advice on how bankruptcy affects your property.
Chapter 13
In Chapter 13, your personal property (including cars) and your real property (land) that you own cannot be taken away from you by the Chapter 13 Trustee. In addition, your mortgage company and car finance company cannot take away your house or car as long as you stay current on your regular monthly payments Your house payment in Chapter 13 would typically still be made directly by you while your vehicle payment would most likely be included inside of your Chapter 13 payment plan instead. Please see What Happens in Chapter 13 for further discussion.
Chapter 7
In Chapter 7, most filers keep all of their personal property (including cars) and also real property (land). The reason is because almost everyone’s property will be completely exempt. If all property is exempt, then the Chapter 7 Trustee has no legal right to take any of your property.
Examples of exempt property include retirement accounts, your house, cars, bank accounts, household goods and furnishings, clothing, plus many more items. Mr. York can advise you completely on this issue with respect to every piece of property that you own.
In addition, your mortgage company and car finance company cannot take away your house or car as long as you stay current on your regular monthly payments. Please see What Happens in Chapter 7 for further discussion.
Contact Us With Any Questions
You might have more questions on how your property is treated in bankruptcy. Mr. York is ready to answer all of your questions. Contact us at any time. We offer flexible payment plans based on your needs.