My husband and I have nearly $35,000 in credit card debt, an $83,000 mortgage, and a $13,500 car loan. My husband earns $33,000 a year, and I am unable to work due to severe back problems. We can no longer afford our credit card debt. Can we keep our house and car if we file for personal bankruptcy? Payments are up to date on both loans.
If you have the financial means and are not in default on these loans, the answer is yes, provided these assets do not have excess value.
However, there are other factors to verify, such as the mortgage renewal date, and you can discuss these with a trustee during a meeting.
However, there are other factors to verify, such as the mortgage renewal date, and you can discuss these with a trustee during a meeting.
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