Legal Question in Bankruptcy in Georgia

how does bankruptcy work?

my husband and i are in desperate need of financial

help..we are scared to file bankruptcy. We are afraid

that we will lose our house and car. is there any way

to avoid losing them while filing bankruptcy? the

creditors that we would file on would be 4 credit

cards and an ambulance bill. would we have to also

file on the house and car? and if so, would we lose

Asked on 10/17/01, 3:27 pm

1 Answer from Attorneys

Christopher Ballar Christopher A. Ballar PC

Re: how does bankruptcy work?

Filing a Chapter 7 bankruptcy is a way to eliminate unsecured debts, like credit cards. It is also possible to file a Chapter 7 and still keep your house and car. There are strict equity limits on items such as a house. When you file all assets must be listed, but you can often keep an asset like a house in certain situations. It goes without saying that you should seek advice before filing a bankruptcy.

Read more
Answered on 11/27/01, 6:33 pm

Related Questions & Answers

More Bankruptcy Law questions and answers in Georgia