Many people think that filing for Chapter 7 bankruptcy will cause you to lose your most valuable possessions. This is an absolute myth. As long as you don't have too much equity in your home - and if you had a lot of equity in your home you likely wouldn't be filing bankruptcy - and foreclosure proceedings have not been initiated, you will be able to keep your house. As for your car, depending on it's value, there are special exemptions that allow you to keep that as well.
2. Keep your house and car
September 8, 2011 By