if you file bankruptcy do you loose all possessions?

Budget101 Discussion List Archives Budget101 Discussion List if you file bankruptcy do you loose all possessions?

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      In my state, if you file the chapter 7 (fresh start), you won’t lose

      most of your things. If you outright own items that have a lot of

      monetary value (expensive artwork, very valuable jewelry, cars or homes

      with a lot of equity), you may have a problem, as the trustee may

      sell/auction them to pay debtors. However, household furniture is

      usually not worth enough for them to bother. The value is usually based

      on what that item would sell for at a garage sale. If you have a car or

      home loan, the companies you have the loan through will usually just

      have a you sign an agreement called a reaffirmation that states that

      you will continue to pay on the loan. Also, a chapter 7 stays on your

      credit for 10 years before it drops off. If I remember right, a 13

      stays on for 7 years… Once you file, you are protected under the

      bankruptcy and your creditors are not supposed to contact you. An

      attorney could give you better info for your state and situation. Hope

      this helps.

      — In Budget101_@yahoogroups.com, “sunshine052701”

      wrote:

      >

      > in bankruptcy do loose cars, house, furniture?

      > How does this work – how does it help? Hurt?

      > How long does it take ? How much does it cost? If you cant pay things

      > you owe now how will the money for the bankruptcy come about?

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Budget101 Discussion List Archives Budget101 Discussion List if you file bankruptcy do you loose all possessions?