What Will Happen To My Home And Car If I File Bankruptcy?

Good News!  You can keep your home and car in most cases when you file for Bankruptcy, but the equity for both have to be fully exempt.  If they are not fully exempt, you’re still in good shape as long as you can pay the nonexempt portion to your creditors.  On the other side, if you have put up a mortgage or other property as collateral, creditors can still take that collateral property to pay for those security interests during a Bankruptcy.

You have worked really hard for your possessions and property, so why lose all that?  Try setting up a payment plan with your creditors so that you can pay off the debt of your collateral or mortgaged properties.  You may also have options to pay off a loan by putting up household goods as collateral to cover the debts and relieve yourself of future payments.  So depending on the types of debts you may have and the Bankruptcy type you are looking to file, maintaining certain properties may vary.  The Brow Law Firm can help answer some of these questions during your free consultation.