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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5142
Experience:  37 plus years of experience specializing in bankruptcy law
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If I file Ch 13, having equity in properties I own, do I need to give up those properties?

Customer Question

If I file Ch 13, having equity in properties I own, do I need to give up those properties? I'm not needing to alter any of my mortgages whatsoever. I have about 50k in judgments related mostly to old credit cards I'd like to address in a BK. My income is relatively low, about 2500/mo.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  dylatess replied 1 year ago.
The property that is your residence you can probably hold on to as you can claim the homestead exemption to protect the equity. But if you have investment properties, those would have to be surrendered and sold to pay your debts as you cannot keep them and still file a chapter 13.