Q: In filing chap 7 , will I lose my home I’m paying for ? And 2 cars that are paid for ? I don’t have any assets .
A lot of unsured debt due to car accident and can not get a release from doc and lost my job of 16 years . I have judgements filed against me and others sueing me now as well . On disability fixed income . And no savings . Drained it trying to pay creditors . Bad situation. And hospital bills .
A: You have a home and 2 cars, you have assets. In a chapter 7, your debts are discharged and any non-exempt assets liquidated to pay back those debts. However, there are protections available. For the home, it depends on equity you have in the home and if homestead exemption covers it. For the vehicles, depends on value, but you'll probably only be able to keep one of them. You have other assets you might not realize are counted. Given your situation, it would not be a good idea to file bankruptcy without an attorney.
A: The house and cars are assets. You may be able to protect them in a chapter 7. You should immediately consult a local bankruptcy attorney who can assess your situation and tell you what needs to be done.
Tammy L. Wincott agrees with this answer
A:
Even though bankruptcy is federal every state has "exemptions" and they may be better than using the federal exemptions. When a person owns more than the allowable asset, i.e. 2 cars, it might be possible to exempt the other car from the trustee depending on its value and your overall situation.
Consult with a local bankruptcy attorney who is best qualified to answer your question.
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