Losing property in a 13?

[beachgirl]

Can I lose property/personal belongings if I file a Ch. 13? I'm worried about new kitchen appliances that were purchased last year & new furniture for my son's room purchased 2 years ago?

[Minnymouth]

You file Chapter 7 if you have no assets such as home, auto, boats, etc. or if you intend not to keep your home etc. All assets are liquidated to pay your creditors. No assets, then all debts (except taxes, student loans) are discharged.

Chapter 13 protects your property, home and personal possessions up to a certain point. You have to be able to pay for them in a payment plan set by the court.

If the only thing you own is the furnture, etc you bought then if they are secured items thru the creditor, the creditor has the right to come pick them up or you pay for them to keep them.....

Have a free consultation with a bankruptcy attorney and see what options are open to you under your circumstances.

KEEP US POSTED,

[LostOne0069]

You file Chapter 7 if you have no assets such as home, auto, boats, etc. or if you intend not to keep your home etc. All assets are liquidated to pay your creditors. No assets, then all debts (except taxes, student loans) are discharged.

Sorry to jump in here, but this is a tiny bit misleading... all assets EXCEPT for your exemptions as allowed by your state (which may allow you to use fed exemptions) are liquidated to pay your creditors.

Big difference here. For instance, if I were able to use the federal exemptions... which allow you to use part of the homestead allowance for a wild card if you don't have equity in a home to protect... I would be able to hang on to everything I have and the trustee wouldn't be able to touch so much as a penny in my checking account.

Most state exemptions would cover the average home appliances and furniture... remember, they can't sell them for what you paid for them.

As Minny said, go talk to a lawyer and bring a list of your assets with you along with their age and what you paid for them. They'll be able to give you a MUCH better idea what you can hang on to in a chapter 7.

[Minnymouth]

Lost One, you are absolutely RIGHT...... my mind was on something else when I answered this question and just now went back and read it......

I did not include the exemptions allowed in Chapter 7 and Chapter 13... which protects a lot of things.

Appreciate you clearing it up for them......

Yesterday was a BAD DAY on the block........... lots going on, mind not on the right things.....

Minny

[LostOne0069]

I figured it was just an oversight Minny.

It's OK, you can't be perfect ALL the time!

[Minnymouth]

PERFECT - never in my lifetime................