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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2884
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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If you declare person bankruptcy do you lose your car Your

Resolved Question:

If you declare person bankruptcy do you lose your car? Your home?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Usually not. If your house or car has too much equity, then you would look to file chapter 13 to repay enough debt to protect the asset. IN chapter 7, Idaho allows exemptions to protect equity in houses and cars..

Homestead equity exemptions: Real property or mobile home to $50,000 (does not double for joint debtors); sale proceeds exempt for 6 months

Vehicle exemption: $3000


Therefore, after subtracting the mortgages and car notes, then subtracting the exemptions from the fair market value of each, that will tell you what the equity that may be exposed is. The courts also allow subtraction of costs of liquidation, which are another 6% or so too.

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