Assets and savings: Can I keep them in bankruptcy?

In a Chapter 7 bankruptcy the person turns over all of their non-exempt assets or property (vehicle, house, savings, for example) to a bankruptcy trustee who liquidates it and distributes the proceeds to the unsecured creditors such as credit card companies, medical bills or loans. People can usually keep most of their personal property (jewelry, tools, clothing, for example).

In a Chapter 13 bankruptcy the person files a payment plan with the bankruptcy trustee and agrees to pay all future debts on time while an affordable monthly payment plan allows them to pay back their creditors partially or in full over a three to five-year period. In return, the debtor can keep their property (home, vehicle and other assets) so long as the plan payments are made.

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2104 W Laburnum Ave, Suite 201
Richmond, VA 23227
Fax: 804.358.8704

Virginia Beach

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272 Bendix Road, Suite 330
Virginia Beach, VA 23452
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(Corner of Settlers Landing)
Hampton, VA 23669
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American Bankruptcy
Tidewater Bankruptcy Bar Association