What property will I lose in a Chapter 7 case?

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property lost consumer bankruptcy

What you can lose and keep depends on your state’s law.

Generally, you might lose the following items of property:

(1) your second residence,

(2) recreational vehicles,

(3) your second car,

(4) stamp, coin and other collections and heirlooms,

(5) stocks and bond certificates,

(6) cash on hand (unless it comes from unemployment insurance),

(7) deposits of money (e.g., bank accounts, CDs, escrow accounts, money market accounts),

(8) property that you own but donï¿½t have in your physical possession (e.g., security deposits),

(9) money you have a present right to receive at some future date (e.g., tax refunds, vacation pay, wages),

(10) your part of a marital estate,

(11) any inheritance, marital property settlement, or life insurance payment (to the extent not exempt) that you receive within 180 days after filing.

(Reviewed 11.14.08)