Generally, the answer is “Yes” although there are situations in which it might not be feasible for some people. For instance, if you have too much equity in your home, car or other assets, in excess of the amount you are allowed to exempt, you must buy out that equity in a Ch. 13 to the extent necessary to pay your creditors. If you cannot afford the necessary Plan payment amount to do so, you may have to give up the asset. There are many planning nuances in bankruptcy and an experienced bankruptcy attorney can review your circumstances and determine how best to proceed.
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