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What happens to my personal property, real property and other assets?
Once the bankruptcy is filed, all of the property of the debtor at the time of filing and certain other property to be received in the future, become the property of the bankruptcy estate. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt and the debtor will be able to keep it. Property or asset exemption is determined based upon a statutory scheme. As discussed above, you are allowed an unlimited exemption on the equity in your home, certain pension and retirement plans, annuities and unmatured life insurance.
Updated: 10/13/99
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