When you file for a Chapter 7 bankruptcy, you are allowed to hold on to your properties which the law defines as exempted from creditor claims. Exemptions will usually depend on the value of the property, which is equivalent to its current worth and not its purchase price.
But even if your properties are exempted in bankruptcy, it can’t stop lenders from reclaiming collaterals or liens on your property. You can check the list of bankruptcy exemptions in Michigan to know if your properties can get protection.
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