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Roger
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Category: Legal
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I have a condition that is bipolar disorder. It is something

Resolved Question:

I have a condition that is bipolar disorder. It is something that has kept me from working. If I do not get social security benefits on appeal, I will be without money for essentials. My question is, if I am able to buy a truck and camper trailer, will I be able to avoid losing those assets in a bankruptcy if it is my residence. I would like to know the answer before buying.
Submitted: 1 year ago.
Category: Legal
Expert:  Roger replied 1 year ago.

Roger : Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question. I'll be glad to help.
Roger : Will you be borrowing money or paying cash for the truck and trailer?
Customer:

perhaps both

Roger : If you borrow money/take out a loan, you would have a very good chance to keep the truck and trailer by reaffirming the debt in your bankruptcy.
Roger : IF you pay cash, it could be harder to keep it because the trustee would want to liquidate the property and use that money to pay creditors.
Customer:

does it eliminate the debt?

Roger : There are exemptions available that you could use to protect the property somewhat, but you'd have to fit the property into one of the categories: http://www.wisconsinbankruptcy.com/exemptions.html
Roger : A chapter 7 would eliminate your debt, but any secured loan you have (loan secured by collateral) would allow the creditor to recover its collateral if you don't reaffirm the debt and keep paying.
Roger : For instance, if you buy the trailer and truck and stop paying, the lender would have the right to ask the bankruptcy court to allow it to recover its collateral from you.
Customer:

Very infomative.Thanks.

Roger : Sure. Glad to help.
Roger, Attorney
Category: Legal
Satisfied Customers: 27064
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Roger
Roger
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