perhaps not. If the courts determine that the value is too great and that the car and/or motorcycle are not necessary for you to maintain employment you may be forced to turn over one or both.
Chapter 7 bankruptcy is for an individual, company or corporation and will stop collection attempts in exchange for giving up assets. This type of bankruptcy is for people who can not afford to pay their debts. Sometimes people who file chapter 7 are allowed to keep some or all of their property but what they are allowed to retain will vary from state to state.
An unfortunate aspect of Chapter 13 bankruptcy plans is that the budget is very strict and hard to keep. An individual having problems with the chapter 13 bankruptcy can convert into a chapter 7 bankruptcy or re-file altogether. Make sure to look into the changes and different effects that a chapter 7 (as compared to Chapter 13) will have on you.
You may, provided you do not list it in the bankruptcy, you file chapter 13 reorginization, or if you reaffirm with the mortgage holder. That is a dangerous answer. You must list all assets, including your house, in a bankruptcy. You can keep the house if you reaffirm the mortgages and other debts secured by the house in a Chapter 7 and you are not in arrears on the mortgages, or you file a Chapter 13 to get caught up on the secured debt arrears.
In a Chapter 13 Petition in Bankruptcy, you are allowed to keep all of your property. This is because in a Chapter 13 Petition in Bankruptcy, your Chapter 13 Plan Payment to the Trustee partially depends on the amount of non-exempt assets you own. In other words, although you get to keep all property, the more non-exempt property you own at the time of your filing, the larger repayment percentage you would owe towards your unsecured creditors. I hope that helps. Michael A. Fakhoury, Esq.
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