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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15835
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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If I file for bankrupcy, would I loose my home and my car

Resolved Question:

If I file for bankrupcy, would I loose my home and my car?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Law Girl replied 4 years ago.

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.

 

Good Luck!

Customer: replied 4 years ago.
Sorry Law Girl............

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.

Expert:  WALLSTREETESQ replied 4 years ago.
i agree with the statement made above, but in most chapter 7 bankruptcy cases, where other debts are discharged, you can in your papers state you want to REAFFIRM the car payments, and if the equity in the car is not much the trustee will usually allow you to keep paying the car. the same with a house, it depends on if the bankrutpcy court finds that if they sell the home and their is equity to pay the trustee, if their is significant money in a chapter 7 the will sell it to pay creditors, in a chapter 13 you can keep it and pay the monthly mortgage.
Customer: replied 4 years ago.

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?

Expert:  WALLSTREETESQ replied 4 years ago.
In Michigan the motor vehicle is exempt up to $3,175, if the trustee can sell it and get more than the above exemted amount he will sell it for the creditors.
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15835
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.

 

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.

Thanks

Expert:  WALLSTREETESQ replied 4 years ago.
YOU COULD CLEARLY KEEP THE CAR, AS IT IS EXEMPT, IF YOU CAN PAY THE MORTGAGE, IN MOST CASES THE JUDGE WILL LET YOU KEEP THE HOME, SINCE IT HE SELLS IT THEIR IS NO MONEY TO PAY OFF YOUR CREDITORS
Customer: replied 4 years ago.
Thank you so much for your time and info. You have been very helpfull.

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