Legal Question in Bankruptcy in Michigan

bancruptcy

Due to a loss of income, i am thinking of filing bankruptcy. I want to keep my house and car, but I make less then the cost of payments on them. I am struggling to pay the electric and get food for my kids. Can I still keep them if i file bankruptcy?


Asked on 10/02/08, 12:04 pm

1 Answer from Attorneys
Kimberly Redd Redd Law, PLC

Re: bancruptcy

In order to keep your home and car, you need to be able to make the payments on them even if you file bankruptcy. Also, the value of the home and car should be looked at. If there is a lot of equity in the home, you risk losing it in a chapter 7 bankruptcy.

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Answered on 10/02/08, 4:47 pm


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