Q

Will I lose all my property if I file a chapter 7 bankruptcy?

A

Most debtors who file a chapter 7 bankruptcy petition loose no property. Whether a debtor will retain all of his or her property depends upon the exemptions selected as well as the nature and value of the property owned. Also note that secured creditors retain their interest in the collateral (house, car etc.) regardless of the bankruptcy. If you wish to retain such items you will be required to continue making payments to the secured creditor.