As a general rule, provided you are current with your house and car payments, you can keep them even if you file bankruptcy, as long as you don’t have unprotected equity in such assets. Once you file for bankruptcy relief, all your assets vest in the bankruptcy estate. What you may keep depends on whether the asset is exempt from the claims of creditors. There are various adjustments and legal considerations that may come into play. Chapter 13 may be a sensible alternative to protect your home. Never assume anything. Consult with a bankruptcy attorney and never conclude on your own that you are not eligible for bankruptcy relief.
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