2007-09-11 09:06:20 · 8 answers · asked by The Rock & Roll Doctor 6 in Business & Finance ➔ Personal Finance
Depends on your state, marital status etc. Some states don't allow the house to be touched, and some allow a percentage of your equity in the house to be kept. I was in bankruptcy 8 years ago. My ex had her name on the house. Because she had not declared the bankruptcy, I was able to hang onto the house. The car was so old, that I got to keep the car. The good news was that I lost all the debt, and kept my retirement from being affected. I had extra cash to spend on my children, who were still living at home. It took awhile to get some credit cards, but what you can do if your credit is still good, is get some credit cards, DON'T USE THEM, and then declare your bankruptcy.
By the way, after two years, I was able to get credit from my credit union, and now I have a credit score of 744. And the bankruptcy is still on my record. It takes 10 years for it to vanish.
2007-09-11 09:36:55 · answer #1 · answered by Steveo 5 · 0⤊ 0⤋
Some assets are exempt from claims of creditors in bankruptcy. It can depend on the state in which you live. You may not use your house and car, but it is also unlikely that any debts you have on the house and car will not be discharged. You should consult a lawyer before you consider bankruptcy. It is a serious step. Don't take it lightly.
2007-09-11 09:14:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You should check out Dave Ramsey's book Financial Peace or his website www.daveramsey.com before filing bankruptcy. He offers really good advice and usually bankruptcy isn't necessary.
2007-09-11 09:22:38 · answer #3 · answered by swayze 2 · 0⤊ 0⤋
In NY they have different forms of bankruptcy. Ask your lawyer about it. They can tell you for sure. Good luck!
2007-09-11 09:13:41 · answer #4 · answered by devon 5 · 0⤊ 0⤋
if you have more than 1 car in you name, you will have to give some og them up, any cash you owe is gone, any thing material value you got to give back. like jewery, tv,s vcr,s junk like that, can,t take you house, but you still have to paid for it
2007-09-11 09:16:03 · answer #5 · answered by jwj60 3 · 1⤊ 0⤋
New laws ,
Check Nolo's site
http://www.nolo.com/article.cfm/catId/462A9501-9B21-4E09-A08C5A7B8AF51A79/objectId/B0B66870-4C52-4303-919B10B9611D3EF9/213/161/ART/
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2007-09-11 09:20:55 · answer #6 · answered by kate 7 · 0⤊ 0⤋
Each state is a little different; in TX no.
2007-09-11 09:12:10 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Of course.
2007-09-11 13:20:09 · answer #8 · answered by Anonymous · 0⤊ 1⤋