I am attorney Robert Geller. I am a board certified consumer bankruptcy attorney in the state of Florida. And today I want to talk to you about what you can keep if you’re filing a chapter 13 bankruptcy.
So with chapter 13 bankruptcy you get to keep basically everything you have. That’s very different than a chapter 7 bankruptcy, which limits what assets you can keep. So with chapter 7 in Florida, if you own a home, you get to keep a thousand dollars’ worth of personal property and a thousand dollars in equity and automobile. You get to keep your home. You get to keep your retirement. You may get to keep a couple of other things, but most other personal property, like any cash in the bank, you would lose in a chapter 7 bankruptcy.
Chapter 13 bankruptcy works a little bit differently. In chapter 13 you get to keep everything.
In chapter 13, no trustee takes anything away. Nobody sells anything. You get to keep it all. What happens is we look at what assets you have and compare it to a chapter seven bankruptcy. If you have more assets than the limited amount you can keep, you’d lose those things. But not in chapter 13, which allows you to keep it all.
With a chapter 13, you enter in a payment plan to keep all your stuff. This includes your home, your retirement, your savings, your social security, your IRAs, including inherited IRAs, and other assets. It’s all completely exempt.
So that’s the basic information about what you get to keep in chapter 13. I’m attorney Robert Geller. If you have any questions about bankruptcy, chapter 7, 11, or chapter 13, give us a call or feel free to message us on Facebook.