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What can I keep after Bankruptcy?

Under Chapter 7, you may end up losing property and assets even as most of your debts are dismissed. However, state law does allow for some exemptions, which typically include:

  • Vehicles (up to a specific amount)
  • Home equity (up to a specific amount)
  • Jewelry
  • Tools necessary to your job

Under Chapter 13, you can keep your property (such as a home or car) since you are setting up a plan to pay the loans back over time. Your creditors are not allowed to foreclose or repossess once you’ve filed.