My house is under water,but would like to keep it,my income declined 45% over the last 2 yrs. Can I keep my house and give up my car?

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My house is under water,but would like to keep it,my income declined 45% over the last 2 yrs. Can I keep my house and give up my car?

Asked on May 28, 2009 under Bankruptcy Law, Florida

Answers:

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

Answered 12 years ago | Contributor

I am not sure what you are asking.  Have you filed bk?  Are you thinking of filing?  Have you tried to do a loan modification?  You can keep your house if you file BK and your car, however, the bank will take your house if you are not making the payments.  Do you have car payments?  If you do, the lender will repossess the car just like your house if you default.  I suggest answering the questions i have above and resubmit your question so that i can try to guide you better.


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