What happens to my non-exempt property in a Chapter 7 bankruptcy? What if I want to keep it?

If you have any non-exempt property, the trustee (the person assigned to manage your bankruptcy) will decide whether it's worth selling. You may be able to negotiate to keep certain non-exempt property by giving up exempt property instead.

If you have a non-exempt, secured loan, you must give the property back, pay it off, or reaffirm the debt.

A secured loan is a loan in which the borrower pledges some asset as collateral, such as a car loan or mortgage loan.

To “reaffirm” means that you agree that you will still owe it after your bankruptcy case is over.

Resources

Link

A nonprofit that helps you file bankruptcy for free.

Link

Resource for bankruptcy rules and materials.

Link

The United States Bankruptcy Court Middle District of Florida website provides information and resources.

Still have questions?

If you live or have a case in Hillsborough, Manatee, Pasco, Pinellas or Sarasota counties, we may be able to help.

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