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What happens to my personal property, real property and other assets?

Once the bankruptcy is filed, all of your property at the time of the filing and certain other property to be received in the future, becomes the property of the bankruptcy estate. This means that the bankruptcy trustee may take control of this property to satisfy your creditors. You are required to file a schedule with the court describing all of your assets. Certain property is either “excluded” from the bankruptcy estate or “exempt,” and you will be able to keep that property. Often, all of your assets can be protected. An experienced attorney will review your bankruptcy case along with your property and assets to determine what will happen during the bankruptcy proceeding.