what is keep and pay 
keep and pay refers to a type of bankruptcy exemption it allows an individual to retain an asset such as a house or car that would ve otherwise been liquidated to repay their debt keep and pay agreements require the borrower to make payments on the retained asset to their creditor understanding keep and paya bankruptcy exemption refers to any assets that the filer is permitted to retain all nonexempt property can be liquidated by the court to help settle the borrower s outstanding debts the keep and pay strategy safeguards a particular asset from being repossessed and possibly liquidated however it sometimes requires them to file an official statement with the bankruptcy court that shows they have a plan to pay for the asset going forward typically this plan must also get the approval of the affected creditor 