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Could I lose my personal property if I file for bankruptcy

I need to go bankrupt in Philadelphia but I am worried they will take my home or come in it and take stuff.

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Attorney answers (3)

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Reputation Level 19
I dont know if your state allows a homestead exception, but no one can just come into your house and take random stuff, unless they have an order for certain property to be turned over to them.
2 people marked this answer as good
Nicholas Chukwuemeka Okorocha
Nicholas Chukwuemeka Okorocha, licensed in California

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Reputation Level 18
The answers depend on what you own and what it is worth. The same is true of your home, and whether you have equity in it or not. Equity means the amount by which the value of the house exceeeds what you owe on it, if it does.

Pennlsyvania allows you to choose between state and federal expemptions. Depending on the details, one or the other will work better for you.

This is not something that is advisable for you to try on your own. The process is difficult and a skilled bankruptcy attorney can give you important guidance. It would be advisable for you to consult an attorney who specializes in bankruptcy.
2 people marked this answer as good

Avvo Pro

Reputation Level 13
For the typical bankruptcy case, it is extremely rare for a Chapter 7 trustee to come into your home and look around.

Your assets are covered by exemption statutes. You should consult a local bankruptcy attorney to advise you whether your possessions are exempt.

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