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Will I lose all of my property if I file bankruptcy?

This is often the biggest myth about bankruptcy.  In the majority of Chapter 7 and Chapter 13 bankruptcy cases the debtors in bankruptcy do not lose any property because the property is protected by bankruptcy exemptions provided by Florida state law and federal law.  If a bankruptcy debtor stands to lose important assets it may be advisable to file Chapter 13 which often allows for the retention of more property in bankruptcy by making additional payments over 3-5 years.


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