California | Bankruptcy
2/18/11, 11:48 am
Legal Question
I would like to know if I have to include car and home on bankrupsty? I would like to file on my credit cards only. Is this possible?
I would like to know if I have to include car and home on bankrupsty? I would like to file on my credit cards only. Is this possible?
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Read More Answered By: Asaph Abrams |
You have to list all your debts/liabilities; however, you can elect to pay off secured debts notwithstanding the fact that they were listed on your bankruptcy. There may be limitations regarding reaffirmations; there are factors relating to secured debts in bankruptcy, which may affect retention of collateral; that's a tricky area we can't comprehensively cover here, and for which you'll need a lawyer.
Belabored cocktail-party-conversation-as-legal-advice-cliché disclaimer: this answer (as well as our Web site) doesn’t address all facts & implications of the question; it’s general info, not legal advice to be relied upon; it creates no attorney-client relationship; it may be pertinent to CA only and certain facts may be relevant to the San Diego court only; it’s independent of other answers. Seek legal counsel before acting or refraining from bankruptcy/legal action; it’s worth the cost. Okay, I’m done. |
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Read More Answered By: Robert F. Cohen |
In addition to what Mr. Abrams states, If you are behind on your home loan payments, you might want to file a Chapter 13 rather than a Chapter 7 if you qualify, to make up your back payments as part of your Chapter 13 plan. In either type of bankruptcy, you would have to list both your home and vehicle as assets, and exempt any equity in each. You would also list the loans as secured. Don't hold back information on your assets or debts. That could only complicate receiving a discharge in bankruptcy. |
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