QUESTION
Can we keep our cars and small savings if we file chapter 7 bankruptcy?
Asked on Apr 01st, 2011 on Bankruptcy - Indiana
More details to this question:
We have about $16k in collection & credit card debt, and about $5k-$5,500 in "savings". I am unemployed (collecting unemployment) with 2 kids aged 2yrs old. We are 40yrs old renters with a used car and used minivan both over 6 yrs old. The $5k is for emergency and help with bills when unemployment runs out or until I can find work. $9k of our debt is delinquent and the other $7k could go delinquent soon. We are living check to check and want to file for Chapter 7 bankruptcy. Oh, part of the savings will be used to pay for filing the bankruptcy. Will we be able to keep our cash and both cars? Will we have to sell any furniture or clothes? And in NJ about how much does filing ch.7 cost?
2 ANSWERS
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It sounds like you may be able to keep everything you have. Please contact me for a free consultation.
Answered on Apr 04th, 2011 at 10:00 AM
Whether you can keep cash, cars or other assets depends on the "exemptions" available to you in the state in which you live. You should seek guidance from a local bankruptcy attorney to explore your options.
Answered on Apr 04th, 2011 at 9:25 AM