Will I Lose All My Property if I Go Bankrupt?

Chapter 7 vs. Chapter 13

My name is Dave Steinberg. I'm an attorney. And, one of the areas I cover is bankruptcy. I'm licensed in both Maryland and Washington, DC. If you have an issue concerning bankruptcy, please feel free to call me. My phone number is 301-589-4597. And, I look forward to discussing whatever situation you might be in.

Today the question is: Will I Lose All My Property if I Go Bankrupt? All states have bankruptcy exemptions that allow you to protect a substantial amount of property from creditors if you file under Chapter 7 bankruptcy. You could lose some property if the exemptions don't cover the value of your assets. The trustee will sell the non-exempt property to pay your creditors.

You can keep your non-exempt property if you can come up with enough money to pay the non-exempt value to the bankruptcy trustee.

If you file under Chapter 13 bankruptcy you keep all your property. But, your repayment plan must pay your creditors as much as they would have received if you had filed a Chapter 7 bankruptcy.

If you're ready to take back control of your finances, call 301-589-4597 or email me at ds@dsteinlaw.com to discuss your options. I offer free consultations to those enduring severe financial strain in Maryland and Washington D.C., including areas around Baltimore, Bethesda, Silver Spring, Gaithersburg, Rockville, Wheaton, Upper Marlboro, Bowie, College Park, Laurel, Frederick, Hagerstown, Hyattsville, Salisbury, Towson and Glen Burnie. Let me help you make a new start today.