If I file for Chapter 7, will we lose our home, furniture and/or cars?

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If I file for Chapter 7, will we lose our home, furniture and/or cars?

We have several things but really nothing newer than 12 to 15 years old other than our truck. I have heard several different things about this. We owe more on our mortgage than what our home is actually valued at.

Asked on February 19, 2015 under Bankruptcy Law, West Virginia

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

There are exemptions to include in your bankruptcy to protect your truck, furniture and other items  from your creditors.  There is an automobile exemption, an exemption for household goods and furnishings, and a homestead exemption.  The amount of the homestead exemption will determine whether or not your house is protected from creditors. 

It would be advisable to speak with a bankruptcy attorney.


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