Legal Question in Bankruptcy in New York
What assets are allowed in Chapter 13
A high stress job forced me to go on disability. After awhile, I found another job that pays nowhere near what I made before, but is better for my health. I can no longer manage my debts as I did prior to leaving the better paying job. I have a mortgage, a home equity loan, a car lease and credit cards, as well as the basic utilities, insurances, etc. Can Chapter 13 assist with reducing debt and allow me to keep
the two biggest assests I have -- the car and home?
1 Answer from Attorneys
Re: What assets are allowed in Chapter 13
With a chapter 13, you keep all of your assets but pay your creditors at a reduced rate under your plan.
With a chapter 7, you keep the assets allowed as exempt or homestead under your state laws - every state is differenct. Of course, in order to keep your home and your car, even if they are exempt, you must keep the payments current.
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