Can I file for bankruptcy and still keep my house and cars? 14 Answers as of June 21, 2017

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Benson Law Firm
Benson Law Firm | David Benson
Most people do.
Answer Applies to: Ohio
Replied: 6/21/2017
Stephens Gourley & Bywater | David A. Stephens
Yes, as long as they are within the exemption amounts and you pay for them.
Answer Applies to: Nevada
Replied: 6/13/2017
OlsenDaines | Rex Daines
Usually. There is a limit on value on the home and cars when a bankruptcy is filed. Typically a person in Oregon can keep a home with equity less than $40,000 and a car with equity less than $3,000. If you owe money on the home or car, you have to stay current on the payments in order to keep it. If you have little or no equity in the home, then you can have more equity in the car.
Answer Applies to: Oregon
Replied: 6/13/2017
Ronald K. Nims LLC | Ronald K. Nims
Yes, you can keep your house and cars in bankruptcy as long as you keep making the payments (assuming it's not a mansion and a fleet of Bentleys).
Answer Applies to: Ohio
Replied: 6/13/2017
The Orantes Law Firm
The Orantes Law Firm | Giovanni Orantes
Many people file for bankruptcy relief and still retain their houses and cars. There are many types of relief under the Bankruptcy Code for which you can qualify. The broad categories are divided into "chapters". If either your income level or the value of your un-exempt assets is too high to qualify for or obtain meaningful relief from a Chapter 7 filing, you may need to file for relief under Chapters 11, 12 or 13, depending on your occupation and debt level. Assuming that you qualify for Chapter 7 based on your household's income (which may be higher depending on the size of your household), the key question is whether you have un-exempt equity in your vehicles, house or other types of properties, such as businesses, which may cause a Chapter 7 trustee to sell your assets to pay a percentage of the proceeds to your creditors. If you do not, then you can file for Chapter 7 relief. If you do, you usually should NOT file under Chapter 7 and need to weigh the pros and cons of filing under one of the other chapters (such as 11, 12, or 13). The most important step you can take is to consult an expert on all the chapters (not just Chapter 7) as early as possible to determine what you should do next. Do not wait until things get out of control. There are steps you can take in anticipation of filing that will relieve the pressure right away or make your relief go more smoothly.
Answer Applies to: California
Replied: 6/13/2017
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Of course you can keep your house and your car after filing bankruptcy. The better question is what will it cost you to keep your house and your car after filing bankruptcy? And the answer to that question is the same as the answer to every legal question ? IT DEPENDS! It depends on what both assets are worth, what you owe against these assets, and what exemption you are eligible to use to protect your interest in these assets.
    Answer Applies to: Nevada
    Replied: 6/13/2017
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    That depends on allot of factors. this not a "yes" or "no" question. You need to consult with local counsel.
    Answer Applies to: California
    Replied: 6/13/2017
    Timothy Casey Theisen, P.A. | Tim Theisen
    Yes. Just need to make the payments.
    Answer Applies to: Minnesota
    Replied: 6/13/2017
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    Maybe. I would need to ask about 40 to 60 questions before I could properly advise you.
    Answer Applies to: Colorado
    Replied: 6/13/2017
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Ordinarily, yes but it depends on the value of the cars.
    Answer Applies to: Michigan
    Replied: 6/12/2017
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Generally you are able to keep your house and your car in a bankruptcy. The issue depends on the relationship between the exemptions you choose and your equity in those kinds of property. For example, If you have a house worth $100,000, and a mortgage again stead of $40,000, you have $60,000 worth of equity. If you and your wife are both residents of Wisconsin, and you choose the Wisconsin exemptions, which are $75,000 per person, you should have no trouble in saving your house and car from the trustee Every situation is different, and your Best bet is to retain an experienced bankruptcy lawyer.
    Answer Applies to: Wisconsin
    Replied: 6/12/2017
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