This is probably the single biggest question we get asked at Kain & Scott. What assets will I lose if I file Chapter 7 Bankruptcy? The answer simply put, is in the vast majority of cases filed, most debtors lose no assets at all. We can protect a lot of assets in a Chapter 7 Bankruptcy. If your assets are protected we call that “exempt” assets. If your assets are not protected, and the Chapter 7 trustee can take and liquidate your assets, we call those assets “non-exempt”.
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