Does Bankruptcy Mean You Automatically Lose Your House?

Question:
Can you file bankruptcy to wipe out all of your credit card debt, but keep your house and your car without any impact to either of those accounts? And just keep paying those two as your normally would before and after bankruptcy?

Answer:
Yes. It depends on whether there is any equity in the house or car, and what exemptions are available to you. I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at http://users.erols.com/lawyer/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do. If you're in Maryland, DC or Virginia, please let me know--we may be able to help. I'm not a lawyer but I can' tell you from our experience. We just had our 341 meeting and we kept our house and our 2 cars. Now mind you our cars are not new...a 94 blazer with a lot of miles on it and a mercury tracer the same deal. We owe back tax on school and property. and with the value of our home which came in at 150,000 it just wasn't worth them doing anything with our house. after our discharge we will have to pay the property and school tax that we fell behind on.





Categories