Can we keep our cars and small savings if we file chapter 7 bankruptcy? 8 Answers as of June 11, 2013

We have about $16k in collection & credit card debt, and about $5k-$5,500 in "savings". I am unemployed (collecting unemployment) with 2 kids aged 2yrs old. We are 40yrs old renters with a used car and used minivan both over 6 yrs old. The $5k is for emergency and help with bills when unemployment runs out or until I can find work. $9k of our debt is delinquent and the other $7k could go delinquent soon. We are living check to check and want to file for Chapter 7 bankruptcy. Oh, part of the savings will be used to pay for filing the bankruptcy. Will we be able to keep our cash and both cars? Will we have to sell any furniture or clothes? And in NJ about how much does filing ch.7 cost?

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
Specific property can be shielded from creditors through the use of Exemptions. If you are in WA, I will gladly speak to you about your options. We offer free consultations.
Answer Applies to: Washington
Replied: 4/7/2011
Uriarte & Wood, Attorneys at Law
Uriarte & Wood, Attorneys at Law | Robert G. Uriarte
You should be able top protect everything. Get good counsel to do this for you.
Answer Applies to: California
Replied: 4/5/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Unfortunately I am not licensed in New Jersey, every state had a set of "exemptions" that allows you to keep property, including cash. See a lawyer in your state.
Answer Applies to: California
Replied: 4/5/2011
Ferguson & Ferguson
Ferguson & Ferguson | Randy W. Ferguson
You need to sit down with an attorney and fill out all of the bankruptcy paperwork. They will explain exemptions and what you can keep. Most attorneys talk to you for free. Almost never do you have to sale furniture or clothes. I am unfamiliar with NJ fees. We charge $1,541.00 for a chapter 7.
Answer Applies to: Alabama
Replied: 4/4/2011
Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
Whether you can keep cash, cars or other assets depends on the "exemptions" available to you in the state in which you live. You should seek guidance from a local bankruptcy attorney to explore your options.
Answer Applies to: Indiana
Replied: 4/4/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    What assets you can keep depends on which state's exemption laws apply in your case and, of course, what those exemptions are. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
    Answer Applies to: California
    Replied: 4/4/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    It sounds like you may be able to keep everything you have. Please contact me for a free consultation.
    Answer Applies to: California
    Replied: 4/4/2011
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