Chapter 13 Bankruptcy
Can I save my home and other assets by filing for bankruptcy under Chapter 13?
Your home will be preserved under Chapter 13 if there is not substantial non-exempt equity in the home, and you successfully complete the payment plan.
Otherwise, your home may be preserved under homestead exemption or marital ownership law. However, the new bankruptcy law provides for a homestead exemption of no more than $125,000 if the home was acquired in the 40 months before filing, or if the debtor engaged in certain fraudulent conduct.
Your vehicle will be preserved if the payment plan is successfully completed and appropriate payments are made. If not, it might be taken by creditors (unless arrangements are made to pay off the lien).
All other non-exempt assets can be kept by the debtor if the payment plan is successfully completed. If the payment plan is not successfully completed, the non-exempt assets will be sold to pay creditors, as in Chapter 7 bankruptcy.
>>What does a Chapter 13 bankruptcy involve?
>>What steps do I need to take before filing for bankruptcy?
>>Who can use Chapter 13?
>>What is the proposed payment plan?
>>What is the role of the Chapter 13 trustee?
>>What are the main effects of filing under Chapter 13?
>>Can I save my home and other assets by filing under Chapter 13?