Obama's Economy

If i file bankruptcy can I include my home and cars and still keep them?

I have recently found a job after being unemployed for 2 months bills are piling up and I don’t get my first check for another two weeks. Will I lose my home and or vehicles if I include them in the bankruptcy?
i am thinking about reorganizing not totally wiping out all of my debt.

Ugh … first of all, please, please, please make an appointment with a local bankruptcy attorney (most offer one free consultation – take advantage of it) and get your bankruptcy information from a bankruptcy attorney licensed to practice in your state.

Very very very much of what you “hear” about bankruptcy (from friends, family, neighbors, co-workers, etc) or read on the internet, or even in the newspaper, is incomplete, inaccurate, over simplified, or doesn’t apply to your situation.

The short answer is: if your goal is to keep your house and car through bankruptcy — and you can afford to keep making the payments on them — a good bankruptcy attorney can almost always construct your bankruptcy case in a way that will allow this. You need to TELL the bankruptcy attorney that this is one of your primary goals.

You do need to know that although a bankruptcy attorney can usually file a case that will allow you to keep these items, it is never possible to keep a home or a vehicle without paying for it. In order to keep assets that are security for mortgages or loans, you need to be able to make the payments on them (and catch up on any payments that you are currently behind).

A good bankruptcy attorney should review with you not only the possibility, but also the wisdom, of doing this. For example, if you owe a lot more on your house or your car than what it is worth, you may want to consider letting it go back to the lender and putting that money into a different vehicle or house that is NOT worth less than what you are paying for it.

Make a face-to-face appointment with a local bankruptcy attorney and discuss.

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