Q: I am not married , I have 20k in credit card debt. I own my car ( value of car is less than 5k) I am on the deed

A: No. If you are on the deed, you must include the house as an asset in the bankruptcy.

A: While you must list the home as an asset, and the mortgage as an obligation, you are entitled to exempt a certain amount of equity in your home, depending on where you live. Talk to a local bankruptcy attorney to get a more complete answer to your question. Most offer free consultations.

A: NO. Your half of the home is an asset. You need advice from a qualified North Carolina licensed attorney. Please have a personal consultation with one. Many offer free consultations. Out of state lawyers are trying to be helpful by copying and pasting our exemption statutes here on this general advice board, but nothing other than a direct, personal consultation with an experienced consumer bankruptcy attorney who regularly practices in your District in North Carolina will give you accurate advice.

A: Filing for bankruptcy can help manage your credit card debt, but it's important to understand how it may affect your assets. In North Carolina, you have certain exemptions that can protect your home and car. Since your home is owned free and clear and was purchased with cash, it may be exempt from liquidation, meaning it shouldn’t be at risk during the bankruptcy process.

Your car, valued under $5,000, also falls within the exemption limits in North Carolina. This means you can likely keep your vehicle even after filing. It's crucial to choose the right type of bankruptcy, such as Chapter 7, which might allow you to discharge your credit card debt while protecting your property.

Consulting with a local bankruptcy attorney can provide personalized guidance based on your specific situation. They can help ensure that your home and car remain protected while addressing your financial challenges. Taking this step can give you a clearer path to managing and overcoming your debt.