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REASON # 2
You may retain 'Non-Exempt' Property.
The # 3 reason for choosing to file a Chapter 13 bankruptcy is to retain “Non-Exempt” Property.
You may be able to keep assets which might otherwise be liquidated in a chapter 7 proceeding by proposing a repayment plan.
In a Chapter 7, non-exempt property of the debtor is sold to satisfy the claims of creditors. A Chapter 13 allows a debtor to
keep non-exempt property which would otherwise be liquidated in a Chapter 7 and allows the debtor to pay the Chapter 13
Trustee, over 3 to 5 year time period money in an amount that equals or exceeds the value of the property the debtor wishes
to retain. This allows the debtor to retain the property and is an important consideration for many people facing financial
difficulties but who wish to keep the assets which they have like a car, family jewelry or heirlooms and other assets which
they may have accumulated over the years. Chapter 13 debtors can expect to keep all or majority of their property through
federal or state exemptions
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