Filing Bankruptcy with out including home or car

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Filing Bankruptcy with out including home or car

I am currently in extreme debt. Creditors are coming after my paycheck which is already not enough to pay my bills. My Mortgage is so high that I am currently 8 months behind but they have offered me a deal to pay a fraction of it for 6 months before considering for permanent modification. I want to file Bankruptcy on everything but my home and car so that in 6 months I will be able to pay my normal $1584 Mortgage if they decide not to do a Modification on my loan. Is there anything if can do

Asked on June 16, 2009 under Bankruptcy Law, Alabama

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT.  I have several people i know that are in your situation.  Based on the federal and state exemptions, you should be able to keep your house and your car (i presume you have less than 75K in equity in the home).  I suggest going to a bankruptcy lawyer and explaining this to him.  You should be able to discharge the unwanted debts.  As you may know, then bankrupcy will affect your credit, so make sure your car is running well enough so that you are not in a position where you need a car and cannot get a lease or loan.


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