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If I file bankruptcy can I keep my house and car?

My husband and I are thinking of filing bankruptcy. Can we keep our car and house? What all is involved and how long does it take?

Answer Question

Asked by Anonymous at 7:05 PM on Mar. 19, 2009 in Money & Work

Answers (9)
  • Ummm...NO! Your biggest assets ARE your house and car...they will be sold/foreclosed/repossessed, and their value of them used for paying off your debts...unless you can find an alternative way of paying off your debts without filing bankruptcy!

    Bankruptcy is not for paying off credit card debt. It is something that will stay with you for at least the next 10 years. Bankruptcy is a last straw a final solution to fix your financial problems.

    Answer by LoriKeet at 7:09 PM on Mar. 19, 2009

  • Im pretty sure you will def. lose your most valuable things which would be your house, car, campers, atv's, anything like that.

    Answer by asholan_07 at 7:11 PM on Mar. 19, 2009

  • you can go see an attorney and ask him usually the consultation is free. good luck

    Answer by threeboysmama at 7:11 PM on Mar. 19, 2009

  • To Lorikeet: Look I don't need a bitchy answer! Its NOT for paying off credit card debt. I'm in a bad situation in this horrible economy and am asking for a little advice.

    Answer by Anonymous at 7:13 PM on Mar. 19, 2009

  • YES, you can!! My Uncle did last year or the year before. They kept their house and their vehicles - 2 brand new vehicles to be exact. I'm not sure how they did it since I don't get into all of that with them but I'm sure an attorney can tell you more.

    Answer by Anonymous at 7:17 PM on Mar. 19, 2009

  • Thank you to the rest of you for your helpful answers, I will def be contacting a lawyer. Thank you again!

    Answer by Anonymous at 7:24 PM on Mar. 19, 2009

  • We filed under ch 7 and we have kept our hm and cars cause we keep making the payments. Contact an attorney instead of taking legal advice from cafe moms. Now, there are strings attached, you can only have a net worth of 7,000 dollars in my state. So, do contact an attorney it is well worth the money. He/she will protect you and look out for your best inetests. Good luck.

    Answer by Anonymous at 7:27 PM on Mar. 19, 2009

  • YES, you can keep your house and car and all your personal belongings. I filled almost 7 years ago and I kept my car (didn't own a house). I know many people that have filed and they all kept cars and houses. Contact an attorney, most offer free consultation and they will tell you if you can even file bankruptcy, not everyone can.

    Answer by tyfry7496 at 10:13 AM on Mar. 20, 2009

  • It doesn't stick with you for ten years it is 7 and a lot of companies will begin considering you for credit cards etc once you've had a couple of years of established good credit history again. Each state has different laws so its hard to listen to advice from Mom's on here bc it might not apply to your state. Get the free attorney and ask them first off what you can do to avoid the bankruptcy inthe first place. He might have a solution for you that doesn't involve bankruptcy. Good luck! I will keep you in my prayers

    Answer by Anonymous at 2:42 AM on Mar. 21, 2009

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