If my house and vehicle are paid completely off and I file Chapter 7, can I lose them?

Question Details:

I have credit card and medical debit. I was contacted my a collection agency and was told to file. Can my paid off car and home be taken away. I haven't filed bankruptcy yet.

Asked 6/7/2011 under Bankruptcy | 216 View(s) | More Legal Topics

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Bankruptcy Law Answers

Mark J. Markus / Mark J. Markus, Law Offices of Answered 11 months ago | Contributor This attorney is licensed in California

Whether you can keep certain assets in a chapter 7 bankruptcy case depends on their value and what exemptions you have available under applicable state law. 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.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/