Does it really take ten years to regain good credit after filing bankruptcy?
• What do I get to keep? You will not likely loose any property if you file a well-crafted petition under Chapter 13. Under Chapter 7, you are allowed certain exemptions from the requirement of liquidation of assets for the benefit of creditors. Exemptions are available to protect equity in personal property, professional tools, automobile, and your house or dwelling, assuming your payments are current on loans securing these items. Limits on these exemptions will depend on which schedule you choose to use in your petition. You should consult with an attorney before selecting a schedule. If you are behind on your mortgage payments, you will almost certainly lose your house if you file a Chapter 7 bankruptcy. Your mortgage lender will ask the bankruptcy court to lift the automatic stay to begin or resume foreclosure proceedings. If you are current on your payments, a person or married couple may exempt part or all of their equity (difference in mortgage balance and market value of the h
