Legal Question in Bankruptcy in Virginia

Continuing debt

I am obviously going to have to file bankrupcy, having gone on disability and not making half of my previous salary. I have 40,000 equity in my home, but no one will give me a loan, refinance because of too high debt. I'm continuing to use my cards to live, and my credit is still good, but having dug a dry well and paid taxes, there is no way to continue. I have zero equity in my car....what's going to happen to me?? will i lose my house and car? Should i file immediately? Thanks


Asked on 10/24/02, 12:14 pm

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

Re: Continuing debt

It depends on a number of factors, including how solid that $40K equity is. Did you deduct the costs of sale? There are probably ways that you can keep the house (you can keep the car as long as you can continue the payments). You should see an experienced bankruptcy attorney soon.

Read more
Answered on 10/24/02, 12:20 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Virginia