Will I lose my property if I file for bankruptcy?

The answer to this question depends on the type of bankruptcy you file and the property you have. In the state of Kansas, if you file a Chapter 7 bankruptcy, you may be able to keep certain items known as "exempt property." Exempt property are usually items that are necessary for you to live, such as a car, home, or furniture. However, any nonexempt property you own may be sold to cover your debt. On the other hand, if you file a Chapter 13 bankruptcy, you are usually able to keep all of your property. This type of bankruptcy reorganizes your debt into a repayment plan that you can afford. After you make all the payments that are required in your repayment plan, then you are discharged from any remaining debt. Overall, filing for bankruptcy can have a major impact on your financial life. It is important to consult with an experienced bankruptcy attorney to determine the best strategy for your particular situation.

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Will I lose my property if I file for bankruptcy?

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