Is all of my property exempt in Chapter 13 bankruptcy?
A common misconception is that all of your property is exempt in Chapter 13 bankruptcy, and while you will usually not be forced to surrender any property, this does not guarantee that your property will be exempt from consideration. Chapter 13 exemptions do not determine whether or not your property can be seized for liquidation as they do in Chapter 7. Instead, all non-exempt property in a Chapter 13 bankruptcy may be retained, but increases the amount which must be paid to your non-secured creditors in the terms of your repayment plan.
If you would like to learn more about your rights and obligations in a Chapter 13 bankruptcy case, contact the Houston bankruptcy attorneys at the Russell Van Beustring P.C., at 713-973-6650.