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Does a person lose his or her property by filing under chapter 7?

April 26, 2017chapter 7 filing lose person Property

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Does a person lose his or her property by filing under chapter 7?

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Usually not. Certain property is exempt and cannot be taken by creditors, unless it is encumbered by a valid mortgage or lien. A debtor is usually allowed to retain his or her unencumbered (or unsecured) exempt property in a chapter 7 case. A debtor may also be allowed to retain certain encumbered (or secured) exempt property.