Your Property in Chapter 7 Bankruptcy
Chapter 7 bankruptcy is called the liquidation bankruptcy for a reason -- you get to discharge most or all of your debts, and in return you give up property to repay your unsecured creditors. The reality, however, is that most Chapter 7 debtors give up little or no property. This is because state and federal law protects some of your property with "exemptions."
Below you'll find articles on what happens to your property in Chapter 7 bankruptcy, along with articles on exemptions -- how they work and what they are in your state.
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Your Retirement Plan in Bankruptcy
If you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you get to keep your pension and retirement plan funds, with a few limitations. If you are considering bankruptcy, you should learn about these limits.
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Can I Keep My Tax Refund in Chapter 7 Bankruptcy?
Learn how some simple planning can allow you to keep your tax refund if you file for Chapter 7 bankruptcy.
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Can I Keep HSA or MSA Funds in Chapter 7 Bankruptcy?
If you have money set aside in a Health Savings Account (HSA) or Medical Savings Account (MSA) and file for Chapter 7 bankrup
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Can I Keep a Lawsuit Award or Settlement If I File for Chapter 7 Bankruptcy?
If you file for Chapter 7 bankruptcy, whether you can keep the money from a lawsuit settlement or award will depend on state law.
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Lotto Winnings in Chapter 7 Bankruptcy
What happens if you win the lottery around the same time that you file for Chapter 7 bankruptcy?
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I received a large settlement in a personal injury case. Will I lose it in Chapter 7 bankruptcy?
Whether you can keep your personal injury settlement award in Chapter 7 bankruptcy depends on state law.
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Can I keep a checking account if I file for Chapter 7 bankruptcy?
You can probably keep your checking account in Chapter 7 bankruptcy if the funds are exempt and you don't owe money to the bank.
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What Happens to Leases and Contracts in Chapter 7 Bankruptcy?
If you have an unexpired lease or executory contract when you file for Chapter 7 bankruptcy, the bankruptcy trustee may "assume" or terminate the lease or contract.
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