FALSE:
If you file for Chapter 13 Bankruptcy, you will keep all of your free-and-clear property, which only infrequently will be relevant to the minimum payment amount and you will keep all of your secured property, subject to rare exceptions. If you file for Chapter 7 Bankruptcy, secured property, such as a house with a mortgage or a car with a lien, are not surrendered, unless that is what you choose to do. Some very limited kinds of free-and-clear property may have to be purchased back from the Chapter 7 trustee. Most free-and-clear property is protected from buy-back or turn over because it is “exempt.” With non-exempt, free-and-clear property, such as a firearm, the buy-back amount is usually quite modest and manageable. George L. Arnold, as a skilled Wyoming bankruptcy attorney, will review with you the extent of your non-exempt property, if any, and ways for you to lawfully keep all of your assets or reduce the amount that you must buy back.