Posted on: 06th Jun, 2010 07:51 am
If we own our house and cars outright can we lose them in a chapter 7 filing
Hi Guest,
You will have to list all your assets while you file Chapter 7. If you have a free and clear property, then the trustee can liquidate it and try to pay off the creditors. Thus, there are high chances that you will lose your house and car which you own free and clear while you go for Chapter 7 bankruptcy.
You will have to list all your assets while you file Chapter 7. If you have a free and clear property, then the trustee can liquidate it and try to pay off the creditors. Thus, there are high chances that you will lose your house and car which you own free and clear while you go for Chapter 7 bankruptcy.