if your income declines can you still keep your house and vehicle if you file bankruptcy with the new tax law?

Question

2 almost 3 months behind on house payment and 2 months on credit cards, current on $18,000 vehicle, owe $70000.00 on a 120,000.00 house 1st lien is 45,000 and 2nd is 25,000

Answer 1

Why are you keeping your vehicle current and not your house? Would you rather live in your car? You should sell the vehicle immediately and get caught up on the mortgage payments.

Answer 2

Keep your house payments up, even it it means not paying the credit cards. You need a place to live.

The same goes for utilities and food.

You can keep the vehicle and house out of bankruptcy if you keep up the payments and reaffirm the debt if you file.

You have some equity in your house. You can try to refinance the current mortgages and borrow another $25,000 or so, bringing your mortgage debt to $95,000.

Only do this if the extra money pays off all other debts.

Then cut up your credit cards, close the accounts and live on cash from now on.

You have to go through credit counseling before you can file bankruptcy. See if the counselor can come up with other alternatives.

It looks like you will be forced in Chapter 13. You will be put on a draconian budget created by the IRS so think twice before doing so.

For other ideas, click the link below.

Answer 3

You have your priorities all screwed up. Sell that car of yours and then use that money and get your house mortgage current. If you have money left over get rid of the credit card debt and send the cards back to the debtors.

Answer 4

ah, no
bank will reprocess your house because u have missed so many payments
and the car will reprocess by the auto company
they are not for u to keep

Answer 5

This link has the answers.

http://bankruptcy.lawyers.com/Property-Exemptions-in-Bankruptcy.html