Filing Bankruptcy with out including home or car

UPDATED: Jun 16, 2009

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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


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

Answered 13 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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