If I file for bankruptcy can me and my wife keep both our cars and home? How? 10 Answers as of June 24, 2015

Me and my wife lost our jobs 6 months ago and we have maxed out our credit cards and our savings are totally gone. If we file for bankruptcy can we lose our cars and home?

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GARCIA & GONZALES, P.C. | Richard N. Gonzales
Yes, under most circumstances. You might be able to do a 721 redemption on the cars, saving you thousands of dollars. Meet with an experienced BK lawyer to discuss all of your options.
Answer Applies to: Colorado
Replied: 6/24/2015
Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
If you are able to maintain your loan payments, and if you do not have too much equity in your home and your cars, then you should be able to keep them even while filing for bankruptcy. Bankruptcy can be quite complicated, and if you are hoping to keep some of your assets you would be well-advised to find an experienced bankruptcy lawyer to hire who can guide you through the process.
Answer Applies to: Colorado
Replied: 6/22/2015
Stephens Gourley & Bywater | David A. Stephens
Yes, if the equity in the home and cars is within the exemption amount for your state. If they are not paid for you will have to continue to make the monthly payments too.
Answer Applies to: Nevada
Replied: 6/22/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
If your equity is low and is exempt or none, then you can keep your assets, including your cars and home.
Answer Applies to: New York
Replied: 6/22/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
Exemption laws are available to protect some or all of your equity in your cars and your vehicles, and since you did not indicate how much equity is in these assets, I cannot guarantee you will be able to keep these assets. What is more troubling is your comment that you maxed out your credit cards during the last 6 months when you had to know you couldn't pay for them. Doing this may have seemed necessary, but the law calls it FRAUD and it can send you to prison.
Answer Applies to: Nevada
Replied: 6/19/2015
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    If you can't pay for them in a 13 yes.
    Answer Applies to: Alabama
    Replied: 6/19/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Probably not. It depends on the "exemptions" allowed in your state. Every state is different. Federal bankruptcy law uses state law to determine what you can keep. Every time you have a question about you can keep you need to consult with local counsel. I always suggest people try to find a lawyer at nacba.org. This does not guarantee that you get a good lawyer or that you will get the best price. However, if a lawyer has joined the National Association of Consumer Bankruptcy Attorneys at least he or she has demonstrated some interest in being a better bankruptcy lawyer.
    Answer Applies to: California
    Replied: 6/19/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    It is a real possibility. Often your lawyer can negotiate a 'reaffirmation' agreement with a secured creditor, in which you renew your pre-bankruptcy promise to pay, and the lender lets you keep the car so long as you are making payments. Same with you mortgage but be very very careful in deciding about reaffirming a debt, especially on your home, because if you later default on payments, you will be liable for the full balance of the loan at that time, rather than just losing the home. Find an experienced bankruptcy lawyer; it's almost always worth the investment.
    Answer Applies to: Wisconsin
    Replied: 6/19/2015
    Ronald K. Nims LLC | Ronald K. Nims
    Bankruptcy usually helps a person retain their car. BUT you'll still have the make the payments, if your unemployed and have no savings; how would you make the payments? The time to file is after you've got a new job. Then all the debts from your spell of unemployment will be included.
    Answer Applies to: Ohio
    Replied: 6/19/2015
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    You do so by exempting them. Exemptions are a discussion involving the values of the cars and home, their liens, how they are held and whatever else you own and want to keep. Too much time for an email sound bite to discuss.
    Answer Applies to: Michigan
    Replied: 6/19/2015
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