what can i expect to lose if we file Chapter 7 Bankruptcy?
my wife an i are going in to see a bankruptcy lawyer next thursday. we have two cars 10 years old and are still paying on one we got last year. the other is paided off. we owe about 60,000 on credit cards and hospital bills and school loans. she was caught in a down sizing and i was put on ssi because of medical problems. we do have a mortage on our house. what can we expect to lose if we file for bankruptcy. how much will they take inside the house and if they will take one or both of our cars and even the house. this is very scary cause its was all good until i started having too many surgery and she lost her 16+ an hr job and now has to take a 10 hr. myself was put on SSI for good.
Posted July 20th, 2010 in File Bankruptcy Yourself. Tagged: 10 years, bankruptcy lawyer, credit cards, hospital bills, hr job, medical problems, mortage, school loans, ssi, two cars.
My hubby and I filed about 3 yrs ago. We had 2 cars, 2 houses, (one was a rental property) and other personal items. We didn’t file on one of the houses but they totally left out cars and other home alone. You don’t have to worry about loosing your home, cars or personal things. Bankruptcy isn’t the end of the world. Honestly it’s the best thing we did. We now have the best credit we have ever had! You will make it!!
July 20th, 2010 at 4:38 amall the belongings in your house are your personal property, they cant take it, unless you have say a computer or high end electronics that you purchased on credit. they can sue you over that saying you have possesion of their property, but it is extremely rare for the creditors to do that. The house would be taken and the car that you are still paying on. Your lawyer will go over all this with you. there are exceptions to this though, as you can often work it out to show that by them taking something from you it will cause even more hardship than if you were to try and continue paying on something. They then will allow you to keep it as long as you can prove that you can actually afford the payments.
July 20th, 2010 at 4:38 amI went through it last year. I had 2 cars that were 10 years old each. The court never brought up the subject of selling the cars (I guess the book value was low). Now a days they let you keep a car for going to work, and I really don’t think they will bother you since your cars are not new. The credit card companies wont take anything from inside your home. I was very concerned about this, since most of the items in my home were purchased with credit cards. My lawyer said "don’t worry, they don’t want any of your old stuff." I am sorry I can’t answer you about your home, since I didn’t own one. Please go to a free legal consultation from a bankruptcy lawyer for help. Any other questions I may be able to help you with you can email me at hansjill228@optonline.net. Good luck!
July 20th, 2010 at 4:38 amdepends on how much the value of the house is and how much balance you have on the mortgage for the house
July 20th, 2010 at 4:38 amHi,
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