Keeping my home and my car after a Bankruptcy filing

One of the first questions a person typically asks when considering bankruptcy is “Will I lose my house?” The next question is often “Will I lose my car?” Depending on the Chapter of bankruptcy filed, what state you live in, and many other factors, the answer may vary. If you are considering retaining a bankruptcy attorney, these are questions he or she will be able to help answer.

There are instances where you would not be able to keep your home as well as cases where you would be able to keep your home. Also, there is the possibility that even if you lose your home, or are forced to sell the home, you may not lose the equity. 

Again, there are options that an attorney can help you sort through.

In the case of vehicles, there are also different situations that affect the outcome. If you own antique automobiles that are paid free and clear, and that are worth a lot of money, you will probably not be allowed to keep them. They will likely be liquidated to pay your debts. 

On the other hand, if you have a car that you still owe money on, you will likely be able to keep it if you can continue to make the payments. Likewise, a leased car has no equity and you will need to continue to make the payments on said vehicle.

Your situation is unique and there are often no clear cut answers to these questions. A bankruptcy attorney is qualified to help you find the best solution for your circumstances and can walk you through the best options for your individual bankruptcy case.

Hope this helps!
- Richard Croce -  Rich@rrc-llc.com