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I need to file bankruptcy and want to know if I will have to sell my car? I own it and it's value is about $8,000.00 I am also co owner on a piece of land that we bought for $50,000.00 and still owe $19,000.00 on it. I do not have a job and have not worked for over 1 yr and have been paying my credit card bills out of my savings and they are just about gone. I owe approximately $20,000.00 in Credit Card bills.
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Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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It depends on which bankruptcy chapter you file and the exemptions available under applicable laws pertaining to your case.
Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
In a Chapter 7 case, the Trustee can sell any assets that are not fully exempt. In a Chapter 13 case you keep control over all your assets and do a repayment plan to your creditors.
You should consult with a bankruptcy attorney in your area for more details.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
Answered on Oct 06th, 2013 at 4:15 PM