Technically speaking, once you file for bankruptcy, all your property is no longer yours.  Instead it is now part of a new entity called the Bankruptcy Estate, pursuant to 11 USC 522.  Nevertheless, in most cases, it goes back to you relatively quickly.

In chapter 7, all your property comprises the bankruptcy estate until one of [...]

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Houses and other property can be sold while someone is in bankruptcy, but there are specific rules that must be followed when you do it. As Brett Weiss said in his article Can I Sell My House While I’m In Bankruptcy?, you must get court approval before property is sold. Until [...]

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If people file for bankruptcy before the receipt of the stimulus rebates, they may be taken by the bankruptcy courts and used to pay a pennies on the dollar towards general unsecured debts like credit cards. For people filing for bankruptcy before the rebate checks are received, they may not have a choice [...]

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11 USC 722 of the Bankruptcy Code codifies the power to redeem secured assets.  In layman’s terms, this means you can make a lump sum payment and pay off the entire balance for the fair market value of the asset.
If you liked that post, then try these…First Circuit B.A.P. Issues Disposable Income Decision by Nicholas [...]

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In most cases, No.  In most cases, the value of the car is significantly lower than the debt against it.  Sort of like our housing market……and look at the mess thats causing in real estate since values are now less than the loans securing it!  So if you don’t want to go bust like all [...]

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In a March 30th article by reporter Kevin G. Hall of McClatchy Newspapers, he recounts the struggle of distressed homeowners seeking the relief promised by the Bush Administration and mortgage lenders.
The lesson learned from Hall’s subjects – Chris Jennings and Julie Mickley – is that homeowners must be bold and relentless in dealing with their [...]

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If you are filing a chapter 13 bankruptcy case and have purchased household goods under a “rent to own” contract, you may wonder how to treat this debt in your chapter 13 repayment plan.  Because rent to own contracts typically involve total rental payments amounting to many times the actual value of the items “purchased,” [...]

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In preparing for filing a bankruptcy, your lawyer has probably asked you to provide him or her with a list of all your property, along with your estimate of its market value. This may seem like a major headache, because you may not know what “market value” means. Don’t despair; you can certainly [...]

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If it is clear what personal property is yours and what belongs to your spouse, then when your spouse files a bankruptcy there should be little or no detrimental effect on your personal property.  Of course, to the extent your spouse’s personal property is not protected by a bankruptcy exemption, a Chapter 7 trustee can take [...]

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If your husband (for example) files a bankruptcy, and you have bank accounts in your name only, there should be no affect on your accounts.
However… if the money deposited in your account really belongs to your husband (for example, if his paycheck gets deposited into your account), then it is possible that the Chapter 7 trustee in [...]

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