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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Hi, we are considering Bankrupcy on credit cards only. As of

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Hi, we are considering Bankrupcy on credit cards only. As of right now we are not behind on anything but will be come sept as hubby is losing 2nd job. We have a 1984 32 ft motor home in rough shape..furnace don't work, water damage on roof, ceiling cupboards, floor etc. still useable and fixable..also a 2000 saturn wagon and both are paid off. we own no land and house is not paid for. Wondering if we do file will they take anything that is paid for?

So sorry to hear of this dilemma. If my answer is not clear to you, please ask me for clarification by using the reply button.

You may want to consider a chapter 7 bankruptcy. I will explain.

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption. In your situation it appears that you would be able to retain your assets

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.

Here are the exemptions for Minnesota:

Ellen and other Bankruptcy Law Specialists are ready to help you