Legal Question in Bankruptcy in Virginia

Chapter 7, will I have to liquidate certain assets

I'm a single parent of 3. I work 7 days a week and my only debts (other than cost of living: mortgage, utilities, food, etc.) are two credit cards totaling 12,000. My vehicle is 12 years old (repairs are a considerable amount for the cards), my belongings are 20-40 years old except for appliances (5-10 yrs. old). I purchased my house in 88 and before my divorce in 1992 we added on. In 1993 I refinanced it in my own name. I owe around $65,000 and the assesment is now over $100,000. My cash asset consists of one stock worth $1,000.

My question is: If I file Chapter 7 (for the credit cards), what are my chances of losing my house, vehicle and possessions?

Thank you


Asked on 9/30/99, 2:44 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Chapter 7, will I have to liquidate certain assets

In Virginia, with that much equity in your house, you would almost certainly lose it. You need to consider other alternatives, such as Chapter 13 or a refinance or home equity loan.

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Answered on 9/30/99, 4:06 pm


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