Can I keep certain types of property when filing for bankruptcy?

Yes, you can keep certain types of property when filing for bankruptcy in Washington. Depending on the type of bankruptcy you file, you will be allowed to keep certain exempt property. Under Chapter 7 bankruptcy, Washington residents may be able to keep certain exempt assets such as equity in a home up to a certain amount, vehicles up to a certain value, household goods, clothing, tools of trade, and retirement accounts. Under Chapter 13 bankruptcy, the debtor is able to keep all assets if their payments to creditors are made in full according to the approved repayment plan. The repayment plan must be approved by the court and creditors who receive the payments. It is important to understand that even if an asset is exempt from being taken from you, that does not mean that you cannot voluntarily surrender it if you wish to do so. If you surrender an asset, it cannot be used to repay creditors. It is important to work with an experienced bankruptcy attorney when considering filing for bankruptcy in Washington. An experienced attorney can help you understand all of your options and help you understand which assets are exempt from being taken. They can also help you create the best repayment plan possible so that you can keep the assets you need and still be able to satisfy your creditors.

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