Will I lose my property if I file for bankruptcy?

In California, if you file for bankruptcy, you may be able to hold onto some of your property. It all depends on which type of bankruptcy you file for: Chapter 7 or Chapter 13. If you file for Chapter 7 bankruptcy, you will likely have to turn over some of your property to a court-appointed trustee. This is because Chapter 7 allows you to discharge most of your debts and have a fresh start, but the trustee is responsible for liquidating and selling your assets to pay creditors. But, if you file for Chapter 13 bankruptcy, you will be able to keep most of your property, depending on the value of your assets and how much you owe. Chapter 13 is a repayment plan that allows you to keep certain assets, like your house and car, while you make payments over a 3-5 year period. Ultimately, the type of property you own and how much you owe will affect how much you can keep. It is important to speak with an attorney in California to understand your options, as the state has its own set of bankruptcy laws.

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Will I lose my property if I file for bankruptcy?

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