Is there any way to keep my assets after filing for Chapter 7 Bankruptcy?

Yes, it is possible to keep some assets after filing for Chapter 7 bankruptcy in North Carolina. In North Carolina, the Bankruptcy Code allows a debtor to keep certain property—called exempt property—from being taken and sold to pay creditors. Exempt property can include a motor vehicle worth up to $3,500, household goods worth up to $5,000, and certain retirement accounts. The Bankruptcy Code also protects property used as a principal residence, up to a certain amount of equity. The debtor must have a valid exemption for each asset or the asset may be taken and sold to pay creditors. In addition, certain debts, such as student loans and child support, cannot be discharged in Chapter 7 bankruptcy. Therefore, if the debtor is behind on these debts, he or she may be able to keep the assets related to these debts if he or she is able to make repayment arrangements with the creditors. Finally, some debtors may be able to negotiate with creditors to keep certain assets in exchange for a lump sum payment. However, this negotiation must be done before filing for bankruptcy. Therefore, if a debtor is interested in this option, he should contact his creditors as soon as possible. Therefore, it is possible to keep some assets after filing for Chapter 7 bankruptcy in North Carolina. However, the debtor must have valid exemptions and/or be able to negotiate with creditors before filing for bankruptcy.

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