Your Property in Chapter 13 Bankruptcy
For the most part, you get to keep your property in Chapter 13 bankruptcy. But it's not always so simple. For example, if your property secures a debt, you'll have to keep up with payments.
Below you'll find articles and links that discuss what happens to your property in Chapter 13 -- from what happens if you receive an inheritance during your plan period to how the trustee will treat your leases or unexpired contracts. You'll also find information about important types of property and the debts that are secured by that property -- such as cars, homes, and nonresidential real estate.
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.
What happens if you have a lease or contract that is still in force when you file for Chapter 13 bankruptcy?
If you receive an inheritance or cash gift while in Chapter 13 bankruptcy you may be required to amend your repayment plan and increase what you pay to unsecured creditors.
If you receive a tax refund during a Chapter 13 bankruptcy case, the Chapter 13 trustee will likely require you to turn that money over to pay your creditors. But exceptions exist.
You might be able to avoid foreclosure by filing for Chapter 13 bankruptcy.
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