I am cash poor, but have equity in my house and car. Will I lose my property if I file bankruptcy?

No. Chapter 13 bankruptcy allows you to retain equity in property and pay your creditors the liquidated value of your property over a three to five year period of time. Liquidated value is calculated based upon the market value of your property, less any loans, less any exemptions. Chapter 13 is designed to help you keep your property, while paying a monthly payment to your creditors.

Category: Chapter 13

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