Posts Tagged: repossession

Can I lose my home, my car, or my furniture if I file bankruptcy?

Bankruptcy law allows you to keep items that are paid for such as furniture and personal belongings as long as the total resale value of those items is within the allowed amount of exempt property. This limit is $10,000.00 per person or $20,000.00 per married couple filing jointly. Additional property may be kept for specific

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What is repossession?

If personal property (usually a car or furniture) is put up as collateral (security) for the payment of a debt, and the debtor falls behind in payments on the debt, the creditor may take repossession of the property. Repossession may occur at any time after a debtor falls behind in his or her payments, and

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