Will I lose my property if I file for bankruptcy?

In Oklahoma, the answer to the question of whether you will lose your property if you file for bankruptcy depends on the type of bankruptcy you file. Generally, when you file for Chapter 7 bankruptcy, you can keep some of your property that is considered exempt. Exempt property includes things like your house, your car, basic furniture, your clothes, certain types of insurance, and other items. The amount of exempt property you are allowed to keep can vary from state to state, and in Oklahoma, the amount is limited to $10,000 worth of assets. On the other hand, when you file for Chapter 13 bankruptcy, you do not have to give up any of your property. In this type of bankruptcy, you enter into a repayment plan with your creditors to pay back some or all of your debt. In this case, you will keep all of your property as long as you make your payments. However, if you do not make the payments, your creditors can still repossess or seize your property. Overall, it is important to understand the differences between the type of bankruptcy you file because it could determine whether or not you lose your property. It is recommended that you get assistance from a reputable bankruptcy attorney in Oklahoma to ensure that your assets are protected.

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Will I lose my property if I file for bankruptcy?

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