How many assets can be protected by filing Chapter 13?
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How many assets can be protected by filing Chapter 13?
I’m about 6 weeks from having to file Chapter 13 with my business. I would like to keep my business but try and reduce the overhead to make it profitable and protect some of my assets such as my home and two rental properties. Should I sell some of my other assets such as a few stocks and an extra car, etc. now in order to try and delay or postpone the need to file a Chapter 13 or should I try and keep as many assets as possible before I file?
Asked on January 11, 2012 under Bankruptcy Law, Oregon
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 12 years ago | Contributor
There's no way to answer your question without first having a consultation with a bankruptcy attorney. Unless you think there is a realistic probability that you won't need to file a Chapter 13, then I don't see what benefit selling assets now will have. If instead your concern is protecting your assets, they are all "protected" in a Chapter 13 It's only in chapter 7 that it becomes an issue.
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