05|07|2013

What Happens To My Assets? – Wagner Law Office

The answer to this question is… It Depends.

In a Chapter 7 Bankruptcy, all of the debtor’s assets are considered “property of the bankruptcy estate.” The debtor will eventually get to keep the property if (1) it is exempt under applicable state law or, in the alternative, (2) it is abandoned back to the debtor by the bankruptcy trustee.

In a Chapter 13 Bankruptcy, the debtor generally does not lose any assets; rather it is actually one of the reasons a debtor chooses to file for Chapter 13 Bankruptcy. The Chapter 13 Bankruptcy will generally allow a debtor to keep an asset that he may have otherwise lost in a Chapter 7 Bankruptcy.

During your free consultation, the bankruptcy attorneys at Wagner Law Office will review the your financial circumstances, discuss all possible outcomes and advise you what to expect in regards to keeping your assets in either a Chapter 7 or Chapter 13 Bankruptcy.