Can I keep my possessions after bankruptcy?
Before Filing for bankruptcy many people wonder can I keep my possessions after bankruptcy?
Believe it or not, for most Chapter 7 personal bankruptcies, you can keep all of the property you own. This is because of Federal and state exemption laws which allow you to keep most of your possessions, including a home, cars, furniture, clothing, and other property, up to certain limits. For Chapter 13 bankruptcy, since it works by repaying your creditors over a period of time, it is even more likely to keep all your possessions. If you have any concerns regarding what you will and won’t be able to keep make sure to discuss this with your Detroit bankruptcy attorney.