Thank you for your response.
Given the information you provided, you would be able to keep your house and both of your cars if you file a Bankruptcy - as long as you continue to pay the mortgage and the car loan for the car that is not paid for.
The Bankruptcy would discharge your liability to pay all your debts, but you can continue to pay your mortgage and your car loan.
I think this is what you wanted to know. If not, please let me know.
Thanks but the items that I am purchasing on our credit cards will the creditors ask for any of them back, if we file? Example, clothes, shoes, etc?
Credit card companies can never get back the items that were purchased with their credit cards - because there is no security agreement involved with credit card purchases.
However, it is important that you not charge more than $600 worth of non-essentials to any one credit card within the 90-day period immediately preceding the filing of your Bankruptcy. The non-essential items could not be taken back, but the debt for those purchases could then be deemed to be non-dischargeable, so that you would have to pay for those purchases in spite of your Bankruptcy.
one more question please, are there a limit to what your credit cards can be vs. income to file bankruptcy and not have to pay back the creditors?
Thank you for accepting my answer!
There is not limit to the amount of credit card debt that you can have discharged in a Chapter 7 Bankruptcy - regardless of your income.
However, if the gross annual household income is greater than $48,708 for a family of 2 in North Carolina, then it would not be possible to file a Chapter 7 Bankrutpcy.
In summary, since your gross annual income is less than $48,708, you and your husband are eligible to file a Chapter 7 Bankruptcy, and there is no limit to the amount of debt that you can have discharged.
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