2007-06-14 06:40:30 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes, but you need to talk to a bankruptcy attorney, every state and district has different rules.
Usually you can get a free initial consultation with a bankruptcy attorney in your area.
A home is a secured debt, and as long as you keep making the payments and reaffirm the debt, they will let you keep it.
2007-06-14 06:46:56 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 0⤋
You can generally keep your home and your car if you continue to faithfully make the payments on the mortgage and the car loan. Sometimes when you file for Chapter 7 or Chapter 13 bankruptcy the car loan company will come after the car in any case. You need to talk to an attorney as the rules differ from state to state and also depend on your specific circumstances.
Hope this helps.
2007-06-14 14:30:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you are attempting to keep your home from foreclosure via bankruptcy, this does not work. The lender holds a lien on your house, not on your personal financial situation. No matter what you do, your house will still be foreclosed upon. Filing of a bankruptcy may delay the foreclosure action, but in the end, it will go back to the lender.
2007-06-14 13:45:46 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
In most cases you can keep your home and any belongings required to keep a job such as a computer, car/truck, clothing, tools, etc. The caveot is that you didn't purchase these items with the primary purpose being to make cash unavailable to creditors or to run up your debt to be covered by the bankrupsy.
2007-06-14 13:45:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It depends on the bankruptcy laws in your state. I do believe that most states allow you to exclude certain debts from the process. A lawyer who specializes in this field is your best source of info. Most lawyers will talk to you free of charge for a 30 minute consultation.
2007-06-14 13:46:52 · answer #5 · answered by Tom H 4 · 0⤊ 0⤋