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Can I Lose My Property?

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Can I Lose My Property?

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Can I Lose My Property?

There are several ways to lose property in a Chapter 7. The first is if that property is not “exempt,” i.e., your value/equity in the property exceeds the amount that you can protect by law from your creditors. The second is if you try to hide it from the Chapter 7 Trustee and he finds out about it. The third is if the asset is collateral for a loan, and the creditor repossesses the property in partial payment for the debt. (Repossession does not normally occur until after the bankruptcy is complete.)

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