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Ask Maverick Your Own Question

Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4266
Experience:  Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer
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i have like 14,000 in debt credit cards and was wondering

Customer Question

i have like 14,000 in debt credit cards and was wondering if i file for bancruptcy can i keep my mortgage and my car note ?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 5 years ago.
If you file bankruptcy and reaffirm your car note and your home note, then yes, you can keep those items as they are considered secured debts and discharge the credit card debts which are considered unsecured debts.
Customer: replied 5 years ago.
what about my morgage and condo payments currently we are alittle behind in our condo payments but car and mortgage is ok will this affect a bancruptcy and hurt us in any way .also in maryland can they freeze our accounts and garnish our wages ? plase help us to understand we our in our 60's and we have no clue were to start.
Expert:  Maverick replied 5 years ago.
I need a you have a home mortgage and a condo mortgage both?
Customer: replied 5 years ago.
yes both .
Expert:  Maverick replied 5 years ago.

Okay, that is different. In that case, you can reaffirm the debts that you want like your home residence and the car, but the ones you are behind on like the condo, it is subject to foreclosure and the lender on the condo can start a foreclosure action and sale the condo but you would not be liable for any deficiency judgment from the sale if you file BK.


Also, if you file BK, then they cannot garnish your wages or freeze you accounts since the credit card debt and the condo debt would be discharged if you did not reaffirm them in the BK. Of course, you would lose the condo.

Customer: replied 5 years ago.
ok so if we file bancruptcy we have to claim the mortgage condo and car note and all the stuff we own and credit card debt will go away and condo debt or no. also we are making payments to condo just havent caught up yet but no payments to crdit cards . what should we do .
Expert:  Maverick replied 5 years ago.

Before you file for bankruptcy you will need to decide what you can afford to pay and what you cannot. It sounds like to me that you can afford the home and the car but not the condo and the credit card debts. So when you file you will tell the court that you want to reaffirm the home mortgage and the car note and let go of everything else. Then the court will dischagre the credit card debts and the condo debt so you will no longer be responsible for them and you will lose the condo but get to keep your home and the car.

Customer: replied 5 years ago.
my home is the condo we pay a mortgage and a condo fee were we live . so how do i claim it if we are behind in condo payments but want to keep it and file bancruptcy?
Expert:  Maverick replied 5 years ago.
You will then need to file a chapter 13 bankruptcy and not a chapter 7.
Customer: replied 5 years ago.
what is the difference between the two and how will they affect us .
Expert:  Maverick replied 5 years ago.

In the Chapter 7 you will likely lose the house since you are behind on the payments and the lender will not likely accept your offer to reaffirm but instead seek foreclosure which they can do at anytime.


In the Chapter 13, the lender will not be permitted foreclose on the house but you will instead enter into a 3 to 5 year payment plan to repay the past due amounts and still continue to pay the current mortgage amount and the car note. If you are able to prove that you have enough income to do this, the court will let you keep the condo and the car. Also, under a chapter 13, the court, depending on your income, may require you to pay the credi card companies some amount back under the plan. Usually it is pennies on the dollar.

Customer: replied 5 years ago.
is there anyway you can email this to me i really appreciate all of your help and thankyou so much we are greatful . my email address isXXX@XXXXXX.XXX
Expert:  Maverick replied 5 years ago.
Sorry the system block out email addresses as you can see above.
Customer: replied 5 years ago.
so as an attorney would you reccomend us to file a chapter 7 or 13 im so confused and do you think the law would be on our side . we need help and have gotten no answers until now nothing anyone has had to say we understand it is in law talk and we dont understand any of it .
Expert:  Maverick replied 5 years ago.
You will need to file chapter 13 if you want to keep your car and condo. You can get a book about chpater 13 for $30 at the local bookstore that can help you easily understand the process. One good publisher is Nolo Publishing.

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