Bankruptcy and your property
The filing of a bankruptcy does not mean you will lose all your property. Starting with cars and houses that have a lien. If you want to keep them , you can as long as you continue to make the normal payments. You will usually reaffirm the debt which means agree to continue make all payments. If your cars and home is paid for, there are state and federal exemptions to help cover these things. This is were your bankruptcy attorney can help you know what is protected or not and help decide which chapter to file. If there is a problem with your assets a Chapter 13 Bankruptcy is made to protect these items.
The things that are normally not exempt would be boats, airplanes, Stocks and bonds, Lake lots, oil leases, and other luxury items. Retirements are protected.
With having a boat depending if you have a home with equity or not the boat may not be an issue.
Be sure and talk with a bankruptcy attorney before going out and giving every thing away. If you do it could hurt you trying to discharge your debts.
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