How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Elizabeth Prentice Your Own Question

Elizabeth Prentice
Elizabeth Prentice, Attorney
Category: Bankruptcy Law
Satisfied Customers: 170
Experience:  Managing Attorney for one of the largest consumer bankruptcy firms in America.
Type Your Bankruptcy Law Question Here...
Elizabeth Prentice is online now
A new question is answered every 9 seconds

Is it possible to file for bankruptcy and still maintain other

Resolved Question:

Is it possible to file for bankruptcy and still maintain other assets and the payments of these assets (car, home, credit cards)...to the point i may have to pay the legal fees associated with a dispute i had with my HOA. If not bankruptcy is there some other relief option i can ask of the court.
Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  Elizabeth Prentice replied 11 months ago.
I am a bankruptcy attorney and I would be happy to assist you. In bankruptcy you are entitled to keep certain assets which are deemed as exempt. In WV, a majority of the assets listed as exempt are found in Chapter 38-10-4 of the State Code. You can find the Code here:
http://www.legis.state.wv.us/wvcode/ChapterEntire.cfm?chap=38&art=10§ion=4

For example, Section a states that you can exempt a home up to $25,00 in equity you hold. So if you had a home that was worth $500,000 and you owed the mortgage company $475,000, you would have $25,000 in equity and the house would be exempt and you could keep it.

You can continue to pay on a car and house if you owe money on them in bankruptcy. Make sure you let your bankruptcy attorney know your intention when you decide to file.

You typically can not keep a credit card. If you are filing bankruptcy you have to declare all of your debts. As an attorney we will always advise to discharge your credit card, and you can get a new one after bankruptcy on which you will not owe any money.

Legal fees can be discharged in bankruptcy, as long as they are not pertaining to a recorded judgment or contract recorded against you in your county. Otherwise they become secured debt.

Unfortunately, Homeowner's Association fees are not typically dischargeable in bankruptcy. Despite this, while in bankruptcy the "automatic stay" goes into effect. This means that the HoA can not attempt to collect the debt against you, any law suits cease while your case is open in bankruptcy and they can not claim further fees and interest while your bankruptcy case is open. This can be very valuable for some in bankruptcy, since it halts all HoA actions allowing the homeowner time to save money or workout a repayment plan to the HoA.

Most bankruptcy attorneys have free consultations, so if you are interested in filing you should consult with an attorney in your area as soon as possible.

I hope my answer has assisted you and that you will leave me a positive rating!

Elizabeth Prentice, Attorney
Category: Bankruptcy Law
Satisfied Customers: 170
Experience: Managing Attorney for one of the largest consumer bankruptcy firms in America.
Elizabeth Prentice and other Bankruptcy Law Specialists are ready to help you
Expert:  Elizabeth Prentice replied 11 months ago.
Hi Ingrid!

How is your legal issue going? Is there anything else we can help you with?

Just Answer Expert,
Elizabeth

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.