Will I lose my property if I file for bankruptcy?

Filing for bankruptcy does not always mean you will lose your property. Depending on the type of bankruptcy you file, and the type of property you own, you may or may not be able to keep it. In Chapter 7 bankruptcy, you could be able to keep some or all of your property, depending on certain exemptions under Maryland’s bankruptcy laws. These exemptions allow you to keep certain categories of property, such as a personal residence, tools of the trade, and personal property up to certain value. These exemptions are based on the value of the property you own and its purpose. You should consult with a bankruptcy lawyer to determine if the property you own is exempt. If you file for Chapter 13 bankruptcy, you are able to keep all of your property, but have to commit to a repayment plan over a 3-5 year period. This allows you to keep the property, given that you follow through with the repayment plan. In either case, it is important to review the laws related to bankruptcy in Maryland to ensure you are protected. You may also want to talk to a bankruptcy attorney who can help you determine if filing for bankruptcy is the right choice for you and to help protect your property.

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Will I lose my property if I file for bankruptcy?

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