Chapter 13 bankruptcy is designed to let you keep all of your property. However, your property does play a role in how your Chapter 13 bankruptcy plays out. The amount of your nonexempt property affects how much unsecured creditors get paid in your bankruptcy.
In Chapter 13 bankruptcy, you are allowed to keep all of your property. However, if you have nonexempt assets, you may be required to pay back more of your unsecured debts through your Chapter 13 plan.
When you file for Chapter 13 bankruptcy, you propose a plan to repay a portion of your debts over a three- to five-year period. Because a Chapter 13 bankruptcy can last up to five years, many things can happen during the life of your bankruptcy. If you receive a large cash gift during Chapter 13 bankruptcy,