Property

Learn how property is handled throughout the bankruptcy process and what to be aware of so you can keep your property.

Will I get to keep my property during my bankruptcy?

When you file for Chapter 7 bankruptcy, the court lets you keep your property up until a certain amount. One of the biggest misconceptions of bankruptcy is that you will lose everything you own. That’s not true.

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Does a laptop count as a household good?

No. Include your laptop in when the questionnaire asks you about the electronics that you own. 

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What is Community Property?

Property owned by a married couple is always one of two types - Marital or Separate. Generally, *__"Marital Property"__* is anything that you earned or acquired while married unless you and your spouse agreed otherwise. *__"Separate Property"__* varies from state to state.

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What happens to property you use as collateral during your bankruptcy?

When you have a property that is used as collateral for a debt, it’s called a “secured debt.” There are lots of important things to know about secured debts. Read [this article](https://upsolve.org/learn/what-is-secured-debt-in-bankruptcy "this article") to learn more.

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What is an asset in bankruptcy?

In Chapter 7 Bankruptcy, assets are anything you own that the trustee could sell to pay back your creditors. Most of your debts will be forgiven once your bankruptcy is approved, so it makes sense that your creditors would receive at least some of the money that you owe them.

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How does bankruptcy affect property that you used as collateral for a loan?

Your options for property used as collateral for a loan are [pretty much the same as those for your financed vehicles](https://help.upsolve.org/hc/en-us/articles/360005811714 "pretty much the same as those for your financed vehicles"). You can redeem the property by paying the market value for it, or you can surrender the property and have the debt erased. *__Unlike with vehicles, however, you cannot reaffirm the loan.__*

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How can I keep stuff in storage from being auctioned before I file?

The filing of a bankruptcy stops foreclosure of property. But telling a creditor that you intend to file for bankruptcy does not stop anything.

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How does bankruptcy affect property that's collateral?

Your options for property used as collateral for a loan are pretty much the same as those for your financed vehicles. You can redeem the property by paying the market value for it, or you can surrender the property and have the debt erased. Unlike with vehicles, however, you cannot reaffirm the loan.

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Can I Buy a House After Bankruptcy?

There are multiple financing options available to buyers post-bankruptcy. The most important step is to make the most of your waiting period before you apply for a loan.

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Can Bankruptcy Take Your House?

A serious fear that many people have when they file for bankruptcy relief is losing their home. Sadly, losing a home may prevent some people from seeking legal advice about bankruptcy relief. Let’s look at some factors that address the fear that bankruptcy takes homes.

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Should I File For Bankruptcy After A Repo?

Filing for bankruptcy after a car repo can get rid of any remaining debts that you have for your car.

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Should I Reaffirm My Car Loan?

If you're filing for bankruptcy and you have a car loan, reaffirming your car debt may help you keep your car.

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What is an asset in bankruptcy?

Figuring out what an asset is when filing for bankruptcy can be tricky. Learn what an asset is for your bankruptcy forms and the bankruptcy trustee.

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Can I Get an Automatic Stay with Bankruptcy?

This article provides an overview on an automatic stay, which stops your creditors from collecting debts, and how to get one using bankruptcy.

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Can Bankruptcy Stop Foreclosure?

Filing bankruptcy can help you stop foreclosures, so that you can stay in your home.

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What are bankruptcy exemptions?

Chapter 7 bankruptcy exemptions allow you to keep your property in your bankruptcy case. We explain how to save your property from your trustee.

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How Can I Stop Florida Wage Garnishment with Bankruptcy?

Wage garnishment can be stressful and hurt your ability to recover from financial shocks. In Florida, there are laws that may be able to help you protect your income.

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How to Stop Wage Garnishment in California with Bankruptcy?

Wage garnishment is a way for debt collectors to take money directly from your paycheck. In California, your income level and amount of debt you have can determine how much of your wages can be garnished.

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How Can I Stop My Wages From Being Garnished?

Wage garnishment is a common problem for millions of Americans. It can be deflating to have your wages garnished. But you do have options to protect yourself.

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What are the Federal Bankruptcy Exemptions?

In many states across the United States, the federal bankruptcy exemptions allow debtors filing for Chapter 7 bankruptcy to keep all of their property.

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Can I Keep My Property If I File for Bankruptcy?

Most people who file for Chapter 7 bankruptcy end up keeping all their property. But that’s by no mean a given. Before filing for bankruptcy, it’s very important to know which exemptions will apply to your property and whether they can protect your property.

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What are the California Bankruptcy Exemptions?

If you're a debtor filing for bankruptcy and you live in California, you'll be using the California bankruptcy exemptions to keep your property.

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Georgia Bankruptcy Exemptions Explained

If you're a debtor filing for bankruptcy and you live in Georgia, you'll be using the Georgia bankruptcy exemptions to keep your property from your trustee.

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What are the Arizona Bankruptcy Exemptions?

If you're a debtor filing for bankruptcy and you live in Arizona, you'll be using the Arizona bankruptcy exemptions to keep your property from your trustee.

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Questions about bankruptcy?

Research and understand your options with our articles and guides.

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Upsolve is a 501(c)(3) legal aid nonprofit that started in 2016. Our mission is to help low-income Americans in financial distress get a fresh start through Chapter 7 bankruptcy at no cost. We do this by combining the power of technology with pro bono attorneys. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges. We have mission-driven funders that include the U.S. government, former Google CEO Eric Schmidt, and private charities.

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