The general goal of a Chapter 13 Bankruptcy, unlike the Chapter 7, is to allow the debtor to keep all his property and pay his debts in a 3 or 5 year plan. If you have a paid in full house, car, or other valuables, you will be able to keep the property so long as you cover its worth. In other words, you plan proposed to be your creditors back at least as much as what they would receive if this property were sold. If your creditor has a security interest in the property such as a lien or a mortgage, your Chapter 13 plan will only be confirmed if these creditors are paid. In the case of a vehicle, at least the value of the vehicle, and in the case of a mortgage, the mortgage holder’s regular monthly payment. If you do not want to keep the property that has a lien against it, you can surrender it back to the creditor and pay them only as an unsecured creditor. Chapter 13 plans can get complicated depending on your debt profile. It may be beneficial to schedule a free consultation with an affordable bankruptcy lawyer in Elizabethton, Johnson City, Kingsport or surrounding areas. Call or click for a free consultation with a bankruptcy attorney to see how filing a Chapter 13 may impact whether or not you can or need to keep some of your property.