{"id":39931,"date":"2025-07-24T14:34:15","date_gmt":"2025-07-24T14:34:15","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/what-assets-can-you-lose-if-you-file-for-bankruptcy\/"},"modified":"2025-07-24T14:34:15","modified_gmt":"2025-07-24T14:34:15","slug":"what-assets-can-you-lose-if-you-file-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/what-assets-can-you-lose-if-you-file-for-bankruptcy\/","title":{"rendered":"What assets can you lose if you file for bankruptcy?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/07\/24\/7d0fa586-de39-4d9d-bc82-252d4cbe4a71\/thumbnail\/620x413\/81edfabd6e77e25a84f88c8ffd1ebc27\/gettyimages-1571202037.jpg#\" alt=\"Judge's gavel  and money, financial law \" height=\"413\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/07\/24\/7d0fa586-de39-4d9d-bc82-252d4cbe4a71\/thumbnail\/620x413\/81edfabd6e77e25a84f88c8ffd1ebc27\/gettyimages-1571202037.jpg 1x, https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2025\/07\/24\/7d0fa586-de39-4d9d-bc82-252d4cbe4a71\/thumbnail\/1240x826\/05b5d2eeb05f2f8779d107c1c71f31d8\/gettyimages-1571202037.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">Bankruptcy can offer you some much-needed relief, but it could also put your assets at risk.\u00a0<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>With interest rates still elevated and <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cpi-report-june-2025-inflation-trump-tariffs\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">stubborn inflation<\/a><\/span> eating away at hard-earned salaries, many Americans are struggling to stay ahead of their bills right now. Credit card debt is also <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-debt-hits-a-new-record-high-ways-to-tackle-yours-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">at record highs<\/a><\/span>, payment delinquencies <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-delinquencies-are-rising-ways-to-pay-off-what-you-owe\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">are climbing<\/a><\/span> and more people are falling behind on everything from medical debt to personal loans. For some, the pressure from today&#8217;s tough economic landscape has caused the financial stress to reach a boiling point, and <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-debt-is-worth-filing-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">filing for bankruptcy<\/a><\/span> is starting to look like the only way out.<\/p>\n<p>But while bankruptcy can offer a financial reset in the right situation, it also comes with trade-offs that aren&#8217;t always obvious at first. Yes, it can <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/heres-how-to-get-debt-collectors-to-stop-calling-you\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">stop collection calls<\/a><\/span> and lawsuits, but it has a big (and long-term) impact on your credit and finances, and it can be <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-does-it-cost-to-file-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a costly process<\/a><\/span>, too \u2014 one involving attorneys, court fees and other surprising expenses. And, there are other things, like certain assets, you might lose in the process. That&#8217;s why it&#8217;s important to fully understand <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-happens-when-you-file-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">the potential repercussions<\/a><\/span> before moving forward.<\/p>\n<p>So, what <em>can<\/em> you lose when you file for bankruptcy? Here&#8217;s a closer look at what&#8217;s at stake and what you can do if you&#8217;re considering <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-things-to-know-before-filing-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">this debt relief strategy<\/a><\/span>.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhat-assets-can-you-lose-if-you-file-for-bankruptcy\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Learn more about the debt relief options that could help you avoid bankruptcy here<\/a>.<\/p>\n<h2><strong>What assets can you lose if you file for bankruptcy?<\/strong><\/h2>\n<p>When most people talk about personal bankruptcy, they&#8217;re referring to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/chapter-7-vs-chapter-13-bankruptcy-which-is-better-for-credit-card-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Chapter 7 or Chapter 13 bankruptcy<\/a><\/span>. The type you file plays a huge role in what happens to your property.<\/p>\n<h3><strong>Chapter 7 bankruptcy: Liquidation<\/strong><\/h3>\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-debt-do-you-need-to-file-for-chapter-7-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Chapter 7<\/a><\/span> is known as the &#8220;liquidation&#8221; form of bankruptcy, meaning that it wipes out your qualifying debt without the need for repayment. It&#8217;s typically the faster, cheaper option, but it comes with a tradeoff: The bankruptcy trustee <a href=\"https:\/\/www.uscourts.gov\/court-programs\/bankruptcy\/bankruptcy-basics\/chapter-7-bankruptcy-basics\" target=\"_blank\" rel=\"nofollow noopener\">may sell your non-exempt assets<\/a> to pay off your creditors.<\/p>\n<p>Here&#8217;s what you might lose in the process:<\/p>\n<ul>\n<li>Second homes or vacation properties<\/li>\n<li>Valuable vehicles, especially if fully paid off or not protected by exemptions<\/li>\n<li>Investment accounts, excluding most retirement accounts<\/li>\n<li>Collectibles, jewelry or artwork<\/li>\n<li>High-end electronics or luxury goods<\/li>\n<\/ul>\n<p>That said, many people who file for Chapter 7 don&#8217;t lose anything at all. Why? Because <a href=\"https:\/\/www.nolo.com\/legal-encyclopedia\/bankruptcy-exemptions-state\" target=\"_blank\" rel=\"nofollow noopener\">there are exemption laws<\/a> that protect certain assets, like modest vehicles, clothing, furniture, tools of the trade and a portion of home equity.\u00a0<\/p>\n<p>Federal and state exemption laws vary, but you often get to choose which set of exemptions applies. If your property falls within the allowed exemptions, it&#8217;s safe from liquidation.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fwhat-assets-can-you-lose-if-you-file-for-bankruptcy\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Find out what debt relief options are available to you today<\/a>.<\/p>\n<h3><strong>Chapter 13 bankruptcy: Repayment plan<\/strong><\/h3>\n<p>Filing for Chapter 13 bankruptcy <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/when-bankruptcy-will-and-wont-clear-your-credit-card-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">works a little differently<\/a><\/span>. Rather than selling off your property to pay creditors, this option reorganizes your debts into a court-supervised repayment plan that typically lasts three to five years. During that time, you&#8217;ll make monthly payments based on your income, expenses and debts. At the end of the plan, any remaining eligible debts may be discharged.<\/p>\n<p>The biggest advantage? You typically get to <a href=\"https:\/\/www.uscourts.gov\/court-programs\/bankruptcy\/bankruptcy-basics\/chapter-13-bankruptcy-basics\" target=\"_blank\" rel=\"nofollow noopener\">keep your assets<\/a>, even those that might not be protected in Chapter 7. This typically makes Chapter 13 a better option for those with high-value property they want to protect.\u00a0<\/p>\n<p>That said, Chapter 13 is generally more complex and expensive than Chapter 7. You&#8217;ll need enough income to make your plan payments every month, and missing those payments could cause your case to be dismissed.\u00a0<\/p>\n<h2><strong>What other options do you have for getting rid of debt?<\/strong><\/h2>\n<p>Bankruptcy might not be your only option, and in many cases, it shouldn&#8217;t be your first. There are <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-debt-relief-options-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">other debt relief options<\/a><\/span> that can help you regain control of your finances without putting your assets at risk, including:<\/p>\n<h3><strong>Debt management plans<\/strong><\/h3>\n<p>Offered through credit counseling agencies, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-debt-management-program\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">debt management plans<\/a><\/span> consolidate your credit card balances into a single monthly payment. The agency also negotiates with your creditors for lower interest rates or waived fees, which can help you save money during the repayment process. You typically pay the full amount you owe, just on better terms, and you usually get to keep all your assets.<\/p>\n<h3><strong>Debt consolidation loans<\/strong><\/h3>\n<p>If you have a decent credit score and stable income, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/debt-consolidation-what-is-how-does-it-work\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a debt consolidation loa<\/a><\/span>n can be a smart way to combine multiple debts into one with a lower interest rate. This option doesn&#8217;t reduce what you owe, but it can lower your monthly payments and simplify repayment.<\/p>\n<h3><strong>Debt forgiveness<\/strong><\/h3>\n<p>With <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-credit-card-debt-forgiveness\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">debt forgiveness<\/a><\/span> (also referred to as debt settlement), you work with <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/best-debt-relief-companies-plus-advice-borrowers-need-to-know-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a debt relief company<\/a><\/span> or on your own to negotiate lump-sum settlements for less than what you owe. On average, working with a debt relief company results in settlements that are <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-the-lowest-amount-debt-collectors-will-settle-for-what-experts-say\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">30% to 50% less than the full balance<\/a><\/span>, but the process of settling your debt can <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/does-credit-card-debt-forgiveness-hurt-your-credit-score\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">hurt your credit<\/a><\/span> and lead to collection calls or even lawsuits. However, it might help you avoid bankruptcy and resolve your debts faster.<\/p>\n<h3><strong>Hardship programs<\/strong><\/h3>\n<p>Some creditors, especially credit card issuers and medical providers, offer <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-hardship-programs-what-to-know-about-this-debt-relief-option\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">hardship programs<\/a><\/span> that temporarily reduce or pause your payments due to a qualifying financial hardship. These aren&#8217;t always advertised, so you may have to call and ask, but they can result in significant, albeit temporary, relief.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>Bankruptcy can give you a financial clean slate, but it&#8217;s not without cost. Depending on your situation, you could lose valuable assets like your home, car or savings. That&#8217;s why it&#8217;s critical to explore all your options before you file. For many people, debt relief strategies like debt management or consolidation can offer a less drastic and less risky path forward. But if bankruptcy truly is your best option, knowing what&#8217;s at stake can help you prepare and protect what matters most.<\/p>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/angelica-leicht\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Angelica  Leicht<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/what-assets-can-you-lose-if-you-file-for-bankruptcy\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankruptcy can offer you some much-needed relief, but it could also put your assets at risk.\u00a0 Getty Images With interest<\/p>\n","protected":false},"author":1,"featured_media":39932,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-39931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What assets can you lose if you file for bankruptcy? - World News<\/title>\n<meta name=\"description\" content=\"Filing for bankruptcy can wipe out debt, but it might also cost you. 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