QUESTION
If I file bankruptcy due to high credit card debt, will I lose my assets such as property, home and automobile?
Asked on Feb 05th, 2013 on Bankruptcy - Georgia
More details to this question:
I am over my head in credit card debt. I own my home, car (or guess I should saying buying due to loan and mortgage), and property (land in North Georgia) and one truck. I am a 30 year veteran teacher with no hope of an increase in salary due to cutbacks in education. I do not want to lose any assets and wondered if there is a way to save these.
1 ANSWER
Antonio B. Mari
Typicall your assets will be protected in a bankrutpcy. However, if you have substantial assets, you will likely have to consider chapter 13. But it is fairly rare that an individual with modest assets would have to give up anything. The best policy is to contact an attorney and explain the specifics of your assets and debts.
Answered on Feb 11th, 2013 at 3:56 PM