In a word, NO. A common misconception among consumers is that a chapter 13 bankruptcy requires payment in full of ALL debts. To the contrary, unsecured debts are often slashed dramatically with credit card debt frequently paid out at less than 10%. Chapter 13 bankruptcy involves filing a repayment plan with the court, the extent to which debts are repaid is a function of your disposable income and the value of your assets. Exactly how is a chapter 13 plan payment calculated?

Security Deposits in Bankruptcy 

I only get to keep one car if I file bankruptcy, right?
Wrong. Often you can keep several cars when you file bankruptcy.  Exactly what you can save and what you can’t keep depends on two factors: the type of bankruptcy you file and the kind of exemptions you can claim.
In a Chapter 13 bankruptcy, you [...]

A 32-year-old single mother of two filed for chapter 7 bankruptcy in Kansas and lost her $900 monthly lifetime annuity payment.  This week she lost her attempt to protect the annuity from her creditors and the bankruptcy trustee.
The chapter 7 bankruptcy trustee likely will sell the future stream of annuity payments for a lump sum [...]

Short Answer: Yes
Long Answer: Yes, and it is still permissible to also claim the wildcard exemption in bankruptcy if the mobile home sits on a lot rented and not owned by the homeowner.

Chapter 7 trustees are paid the small sum of $60 for administering each case.  The real money a trustee makes is from finding and selling assets, and no asset is more favored than cash.
According to the statutory formula, in addition to the paltry fee of $60 per case, Chapter 7 trustees are paid a commission [...]

When you file your bankruptcy case, make sure you have all of your assets listed.  Leaving property off of your schedules can get you in trouble with the court and, in some cases, can make you and your lawyer look downright silly.
I was recently in bankruptcy court waiting for my case to be called.  As [...]

You’ve recently moved, which state’s exemptions apply?

Yes, your bankruptcy schedules do require disclosure of all animals on Schedule B. However, you are not going to lose your dog during your bankruptcy filing.  This is because the bankruptcy code allows you to exempt household goods and other items up to a certain dollar value.

We were recently contacted by an individual whose automobile – which he owned free and clear – was repossessed by a creditor who obtained a judgment on an unrelated debt, and apparently perfected a lien on the vehicle.  At first blush, it may appear that filing for bankruptcy at this stage would not help this individual since the