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Understanding what happens with your property is important if you're considering bankruptcy. When you file for bankruptcy, all of your property is included in the bankruptcy estate, and the trustee administering your case temporarily takes control over it. The trustee is looking to ensure that the assets you have are taken into consideration against the amount of debt you're looking to discharge. He or she will want to make sure that your creditors are treated fairly in terms of their rights to the value of non-exempt assets you own.
When it comes to bankruptcy, it's important to understand that the trustee is not interested in the value of your property itself, but rather the value of the equity you have in that property. If you have a lot of non-exempt equity the trustee will want to make sure your creditors are paid fairly out of that equity.
Below you'll find lots of in-depth information on how bankruptcy law is designed to protect both your important property as well as the best interests of the creditors involved in your case.