QUESTION
Would I lose my house and vehicle if I filed chapter 7 bankruptcy? Also does the lawyer have to be paid up front?
Asked on Mar 27th, 2012 on Bankruptcy - Arkansas
2 ANSWERS
Business Law Attorney serving Memphis, TN
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Law Office of Alan Alsobrook
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There are too many different variables to answer the question of what will happen to specific assets, as it currently is asked. It depends on numerous factual issues. Issues such as: the amount currently owed on the mortgage, what other assets you own, the value of the vehicles, and the market value of your home.
As for the attorney's fees, most Chapter 7 attorneys will require an upfront payment of all fees because any amount not paid before the filing will be discharged.
You should consult a local bankruptcy attorney. Most bankruptcy attorneys offer a free initial consultations to determine if bankruptcy is appropriate.
This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.
Answered on Oct 22nd, 2012 at 2:34 PM
Bankruptcy Attorney serving Burbank, CA
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Law Office of Mark J. Markus
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Whether you lose any assets depends on what the value of the assets are, how much equity you have in them, and what exemptions you have available under applicable law. 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.
Of course, you must in any event remain current with any mortgage and other secured debt payments if you wish to retain secured collateral such as a home or vehicle.
As for attorneys fees, yes they must be paid prior to filing, at least out here in California.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/
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Answered on Mar 28th, 2012 at 2:21 PM