Legal Question in Bankruptcy in Michigan

Bankruptcy

I am wondering if bankruptcy is my best option? I have more debt than income and am overwhelmed in credit card debt. I also have a high car and a high boat payment I pay a month. Can I include my vehicle and my boat into the bankruptcy to be able to start fresh? I also am co-owners on a 2nd mortgage with my inlaws how does bankruptcy affect that property? And will I be able to keep my home?


Asked on 7/05/09, 9:49 pm

2 Answers from Attorneys
Kimberly Redd Redd Law, PLC

Re: Bankruptcy

Bankruptcy can be a good option for people with a lot of credit card debt that they can't afford. You can surrender any property in a bankruptcy. Many people who file bankruptcy are able to keep their homes. Keeping your home depends on the amount of equity in the home, the type of bankruptcy you file, and whether you're current on the mortgage payments.

I need additional information in order to know your best option and whether you can keep your home in a bankruptcy. Feel free to contact my office for additional guidance on this issue.

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Answered on 7/05/09, 10:08 pm
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Bankruptcy

Bankruptcy might be a good option but if there is any equity in that house where you are a co-owner that could cause problems. More information is needed to better answer your question.

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Answered on 7/06/09, 2:16 am


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