 TITLE: What to Know About Filing Bankruptcy CONTENT: Will I Lose My Property?\n------------------------\nWhat happens to your property depends on whether you file chapter 7 or chapter 13 bankruptcy. If you're not sure which option is right for your situation, see \"Bankruptcy: Chapter 7 vs. Chapter 13.\" Here's what to expect based on which route you choose.\n### Chapter 7\nChapter 7 bankruptcy is often called liquidation bankruptcy because you will likely need to sell off some of your assets to satisfy at least a portion of what you owe.\nThat said, state laws determine that some assets, such as your retirement accounts, house and car, are exempt from liquidation. Check with a bankruptcy attorney in your state to find out what property you would be allowed to keep.\n### Chapter 13\nWith a chapter 13 bankruptcy, you don't need to worry about needing to sell off any of your property to satisfy your debts. Instead, your debts will be reorganized so that you can pay them off partially or in full over the next three to five years.\nKeep in mind, though, that if you don't comply with the payment plan, your creditors may be able to go after your assets to satisfy your debts. END