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Bankruptcy FAQs

What happens to my assets during a bankruptcy?

It depends on which kind of bankruptcy you file. In a chapter 7 bankruptcy, a person must list all of his or her property and debts. There are limits on the amount of property one can keep while still eliminating debt, although there are exemptions for certain types of assets(for example, your house or car). Under chapter 13, you may be able to keep most of your property.