Filing for bankruptcy can wipe out debt, but it might also cost you. Here's what you risk losing in the process.

Types of Assets You Can Keep After Filing Bankruptcy. In the realm of bankruptcy, assets are divided into two categories—exempt and non-exempt. The differentiation between these categories has ...

Chapter 7 allows you to discharge your debts by selling non-exempt assets, whereas Chapter 13 discharges debts by creating a repayment plan and paying the debts off over three to five years.

Property of the estate is protected (with certain exceptions) by the automatic stay under section 362; it may generally be sold, used, or leased under section 363, and, if unencumbered or non ...

Additionally, you may be required to surrender some non-exempt assets to be sold for creditor repayment. Chapter 11: Reorganization for Businesses and Individuals with High Assets.

You have significant non-exempt assets. If you own valuable property that's not protected by exemption laws in your state, Chapter 7 bankruptcy could result in forced liquidation.

Other assets, however, are considered non-exempt, and these assets are the ones that are most at risk in the context of a bankruptcy filing. As one small example, let’s say a debtor has a small ...

Chapter 7 bankruptcy involves liquidating a debtor's non-essential assets to repay creditors. Chapters 11 and 13 are more expensive and longer than Chapter 7, but you can keep your assets.

Asset retention: Chapter 13 allows you to keep certain non-exempt assets as long as you make regular payments according to the repayment plan. Automatic stay on collections: ...

However, for non-exempt assets, a court-appointed trustee will oversee the sale of these items, and the proceeds will be used to repay creditors. Chapter 13 Bankruptcy.