Thank you for your question.
Whether you would lose your home and/or car depends on your financial situation, the type of bankruptcy for which you file, and whether you qualify for exemptions. Much of whether you qualify for exemptions will depend on whether you have equity in your home and/or car and how much.
Given that bankruptcy will be factually dependent, it would be in your best interests to meet with a bankruptcy attorney who has the ability to analyze your situation and examine your assets and debt.
Please let me know if you have any other questions on this matter or require clarification. Otherwise please hit "ACCEPT" so I may receive credit for my efforts.
But the general information you just gave me is no help at all. I already know I am going to have to talk to an attorney. But before I talked to one, I was looking to find out what type of probabilities I was facing. I would have thought you would have asked a few questions before you answered. Instead I just lost another $25.00 I don't have.
The car is paid off. My house is upside-down now because of the economy. I owe more than what it is worth. Will they take my car?
I don't think my car is worth that much. It's a 2002 and has over 100000.00 miles on it. I owe $146,000.00 on my home and the assessed value is only 72,400.00 now. In your opinion what is the probability of me loosing the car and or my home.
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