What Happens To My Property In A Chapter 7?

In Chapter 7 cases your right to keep your property is controlled by the answer to two questions. The first question is: "Does a secured creditor have the right to take the property because I have defaulted on the loan?" The second question is: "Can I claim the property as exempt?" If the answer to the first question is "no", and the answer to the second, "yes", then you can keep the property. The next two sections will help you answer the first question

**The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.**