13 Feb Bankruptcy Basics: Will I Lose Everything If I File?
Will I Lose Everything If I File?
A person who files for bankruptcy may exempt certain items from the bankruptcy. In most cases, this lets you keep your home, your car, your furniture, your household items, your retirement and most, if not all, of what you have. Different states have different allowances for exemptions. You also can keep assets that have no equity, such as a car that’s worth less than is owed on it, or a house where the mortgage is higher than the net property value. Even if there is a small amount of equity, you can normally keep the asset.
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