Can I keep certain assets when filing Chapter 13 Bankruptcy?

Yes, you can keep certain assets when filing Chapter 13 Bankruptcy in Washington. Under the Bankruptcy Code, some of your property may be exempt from the bankruptcy estate. This means that creditors may not take these assets to repay your debts. Generally, this includes your primary residence, furniture, appliances, and vehicles. Additionally, you may also be able to protect personal items such as clothing, jewelry, and tools of the trade. When you file for Chapter 13 Bankruptcy, the court will evaluate your finances and determine how much you should pay each month towards your debts. This payment plan will last three to five years and is based on your income and expenses. The court can also decide which assets you can keep and which you must surrender in order to repay creditors. However, if the value of your assets exceeds the amount you must repay your creditors, you may be able to retain those assets. Finally, it is important to note that Chapter 13 Bankruptcy does not automatically discharge all of your debts. You will still be obligated to pay back certain debts such as taxes and student loans. Therefore, you should discuss your situation with a bankruptcy attorney to ensure that you understand your rights and responsibilities, as well as the assets you can protect.

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