Will I Be Able to Keep My Assets in a Chapter 7 Bankruptcy?
During a Chapter 7 bankruptcy, you will be allowed to keep your exempt assets. These typically include items that you use for everyday living, such as your car and house, but there are limits to each exemption. Your St. Peters bankruptcy attorney can help you determine if your assets are exempt and which you would be able to keep during a Chapter 7 bankruptcy. If your assets are worth more than the exemption limits, you may be required to sell them to pay off creditors. In this case, a Chapter 13 bankruptcy may be the better choice for you.