Will they take the cars and house if I file bankruptcy? 10 Answers as of December 03, 2015

I am able to make all my payments but that is it I end up using my credit cards because there is no money left. We own a home and are making payments on that as well we have not ever missed a payment on anything. Last appraisal our house was worth 300,000 our mortgage loan is for 220,000 we have paid on it for about a year. Our car loans 1 has about 11000 left on it the other 5000. If we file can we choose to keep house and cars or will they take them?

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Stephens Gourley & Bywater | David A. Stephens
You can keep them as long as you continue to pay for them and the equity is less than the exemptions allowed.
Answer Applies to: Nevada
Replied: 12/3/2015
Mauritz Van Niekerk, Attorneys at Law
Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
No, there are exemptions that differs for every area but it seems you can keep all of it and get rid of the debt but you need to check your specific area exemptions.
Answer Applies to: New York
Replied: 12/2/2015
GARCIA & GONZALES, P.C. | Richard N. Gonzales
You should be fine, although I recommend you meet with a lawyer face to face to discuss your options.
Answer Applies to: Colorado
Replied: 12/2/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
Most of the time, state exemptions will protect your equity position in both a home and your car. But every state has different exemptions, and you must meet eligibility requirements in the state to make use of these laws. And you must continue to make the mortgage payments to keep the home, and reaffirm the vehicle loans to keep the cars.
Answer Applies to: Nevada
Replied: 12/2/2015
Ronald K. Nims LLC | Ronald K. Nims
You can keep the house and the cars in a bankruptcy. You didn't give me enough information to recommend whether you need to file a Chapter 7 or a Chapter 13.
Answer Applies to: Ohio
Replied: 12/2/2015
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    Depends. You need to speak to to a bankruptcy attorney to discuss your issues.
    Answer Applies to: Florida
    Replied: 12/2/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    If you're in California I have think you will be okay. You didn't tell me what the cars were worth.
    Answer Applies to: California
    Replied: 12/2/2015
    Garner Law Office
    Garner Law Office | Daniel Garner
    You can always keep your cars and house in a bankruptcy, but you might have to file a chapter 13 rather than a chapter 7 to do so. You have a lot of equity in your home which is a factor, but it's not clear from your description whether you have equity in the cars or not. Your case is complex enough that it would be well worth the money to have a lawyer help you. You have significant assets worth protecting!
    Answer Applies to: Oregon
    Replied: 12/2/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Depending on the applicable exemptions, which relate to the State in which you live, you may be able to exempt all of those items. First things first: you really should consult an experienced bankruptcy lawyer, who can advise and represent you. It's almost always worth the investment.
    Answer Applies to: Wisconsin
    Replied: 12/2/2015
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    You can keep your house and cars.
    Answer Applies to: Nevada
    Replied: 12/2/2015
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