Filing for Chapter 7 can wipe out your debt quickly, but some property may be on the line if it isn't protected.
Chapter 7 bankruptcy offers relief from your debt, but the limitations of this approach can impact your finances.
Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...
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What assets can creditors take away in a bankruptcy?
In a Chapter 7 bankruptcy, creditors can seize certain assets to repay the debts you owe. However, exceptions allow debtors to retain some of their assets (or at least part of the asset’s value).
Americans are in a tough spot right now when it comes to debt. According to the latest Household Debt and Credit Report, the total household debt hit $18.2 trillion in Q1 2025, and credit card ...
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