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If I file for bankruptcy, will I lose everything I own?

A common misperception about bankruptcy is that, in pursuing its protections, debtors will lose their most important property and belongings. The reality is significantly different from this perception. In Chapter 13 bankruptcy, for instance, debtors do not lose anything; their debts are, instead, reformed into a more manageable payment plan and slowly paid off. Under Chapter 7 bankruptcy, some assets may be liquidated in order to repay creditors, but exemptions exist for important items such as homes and vehicles, among other things, which can allow debtors to keep their belongings while resolving their debt problems.

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