Q: Hi If we purchased furniture and appliances on credit about 10 months ago, could it be repossessed in a chapter 7 ?

A: Yes. They could potentially be taken. Consult an experienced bankruptcy practitioner to see how best to protect your assets.

A: Retail dealers of furniture and appliances seldom perfect security interests in such property. If, by chance, they did, you might have a problem. And you might have to pay for the value of the car that exceeds Florida's automobile exemption amount ($1,000).

A: You are entitled to a number of assets that are exempt from being taken by creditors. Specifically, Florida exemptions include $1000 in personal property, $1000 in a vehicle, and 100% of your homestead if purchased more than 4 years prior to the bankruptcy, and if purchased less than 4 years, then the exemption is of $162,000 of the value of your homestead; and if you do not own a homestead, you add $4000 of exempted property that can be applied to any personal property. It is true that appliances and furniture are exposed to the creditor repossessing them if they are not covered by the exemption. But that's not the end of the story, as you may be able to enter into an agreement and keep assets that are not exempt by paying their appraised value for the benefit of creditors. In your situation, you may have options that could allow you to keep assets and be able to discharge a significant amount of your debt. This is the kind of alternative that may be available to you with the assistance of an attorney. I hope this helps.