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.



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Resource for bankruptcy rules and materials.


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

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