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Q.Can I keep my home, car or other property if I file for Bankruptcy?
A.The answer depends on the type of bankruptcy you file. If you file a chapter 7 bankruptcy and have too much equity in your home, car or other property, there is a possibility that the appointed trustee will want to sell that asset to pay off your creditors. In this situation, a Chapter 13 bankruptcy may be a better choice. A Chapter 13 bankruptcy will allow you to keep your home, car, and other property if: (a) you are not behind in your payments, or can reach a payment agreement with your creditors; and (b) you restructure your debt over a 3 to 5 year court approved repayment plan.
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