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VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience:  Chapter 7 & 13
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I am a U.S. citizen currently living in Mexico full time for

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I am a U.S. citizen currently living in Mexico full time for work. I do own a condo in Hawaii that I'm renting out. I am considering filing bankruptcy with aproximately $105,000 in credit card debt. I also owe student loans and about $5000.00 to the IRS. My income went from about $20,000 per month a couple years ago to about $3000 per month! :( My question is if I file BK, can I keep my home and car? I don't really have any equity in my house, but I am current on my mortgage. Same with my car - current on car payment but no equity. Also can I lose the IRS debt and/or the student loans as well? Thank you.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 8 years ago.



Student loans and most IRS liens (it depends on how old they are) are not dischargeable in bankruptcy at all. This means that you could discharge your credit card debt but those two debts would remain a liability.


You can keep your home and car if you are current with the payments, through what is called "reaffirmation", this is an agreement with the lenders, that yes you filing bankruptcy but you are agreeing to keep paying them. Sometimes you can even negotiate a better interest rate.


You would most likely use Hawaii as your State of residence and filing, so their State bankruptcy laws would apply. In Hawaii you can either use the Federal Exemptions or the Hawaii State exemptions.

VanDLaw and other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.
Thank you for the answer. I am confused about your statement that I can use the Federal Exemptions or the Hawaii State exemptions.... The exemptions are for what?

Also, if I file bankruptcy, would I still be able to get a real estate loan in a couple years?


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