What type of property can I keep after filing for Chapter 7 Bankruptcy?

After filing for Chapter 7 Bankruptcy in Washington, the property you can keep is called exempt property. Exempt property includes items such as your home, vehicle, basic furniture and appliances, and other personal items considered to be necessary for everyday life. In some cases, you may also keep retirement savings such as 401(k)s and Social Security payments that you receive each month. In addition to exempt property, you may also be able to keep certain non-exempt property. This type of property could include additional furniture and electronic items, such as a second vehicle, recreational vehicle, boat, jewelry, or collections. However, the amount of money you can keep from these items will be limited, and you may need to pay back creditors a portion of any money received. It is also important to understand that filing for Chapter 7 Bankruptcy does not protect your assets from creditors. Any property that is not exempt or non-exempt will be liquidated to pay off creditors. Therefore, it is important to speak to a bankruptcy attorney to understand what type of property you can keep before filing for Chapter 7 Bankruptcy.

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What type of property can I keep after filing for Chapter 7 Bankruptcy?

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