If my house and vehicle are paid completely off and I file Chapter 7, can I lose them?

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If my house and vehicle are paid completely off and I file Chapter 7, can I lose them?

I have credit card and medical debit. I was contacted my a collection agency and was told to file. Can my paid off car and home be taken away. I haven’t filed bankruptcy yet.

Asked on June 7, 2011 under Bankruptcy Law, North Carolina

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

Whether you can keep certain assets in a chapter 7 bankruptcy case depends on their value and what exemptions you have available under applicable state law.  Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

Whether you can keep certain assets in a chapter 7 bankruptcy case depends on their value and what exemptions you have available under applicable state law.  Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/


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