Local Law Firms Home > Bankruptcy Overview > Chapter 7 > Non-exempt Property: Second Home or Car Do you own a home or car? Although any equity in a home or a car may be protected during a Chapter 7 bankruptcy and not be subject to collection by creditors, second homes and cars are a different story. Many creditors and bankruptcy laws will view an additional home or car as unnecessary assets, and therefore falls under the category of non-exempt property and is subject to possible collection. If you filed for Chapter 7 bankruptcy, our bankruptcy law attorneys can help fight for what is yours. If you own a second home and/or car and have not filed for Chapter 7 bankruptcy, you may want to re-consider this decision as it may not always be possible to find a creditor’s ability to collect a second home or car. Our bankruptcy law attorneys can help you explore the other options to bankruptcy.
An individual choosing to file for a Chapter 7 bankruptcy is required to make a schedule of exempt property with the court. Unlike exempt property, however, non-exempt property is property that is subject to potential collection following a Chapter 7 bankruptcy filing. Do you have legal questions regarding Chapter 7 bankruptcy and non-exempt property, such as a second car or home? Our bankruptcy law attorneys are here to help answer all of your questions and inform you of your rights. Contact a bankruptcy lawyer in your area today for more information. Did you know? |