Will I Lose My Property and My Possessions If I File for Bankruptcy? – Part 6
If you file for bankruptcy and you are over your equity exemptions for a particular item of property, how the bankruptcy court deals with that depends upon what chapter of the bankruptcy code you are filing under.
If you are a chapter 7 bankruptcy, you need to negotiate an amount you can pay the Trustee over time so that he or she does not take that asset and sell it. If you are in a chapter 13 bankruptcy, the amount you are over your equity exemption affects how much you have to pay into the Chapter 13 Plan but the Trustee is not looking to take the item and sell it.
The above information is a general overview and is not intended to be used as legal advice. If you are considering filing for bankruptcy, the best thing to do is call our office at 248-557-3645 and schedule a free consultation so you can receive advice which is tailored to your specific circumstances.
By: Michael Benkstein, Esq.
Managing Attorney, Bankruptcy Department
The Law Offices of Joumana Kayrouz, PLLC
1000 Town Center
Southfield, MI 48075