Are you able to keep your home & vehicles, if you file bankruptcy?
Question by Marine Girl: Are you able to keep your home & vehicles, if you file bankruptcy?
We are up to date on all payments for our mortgage & vehicles. Our truck gets paid off next year & I would hate to lose it. I have 2 children, so I really need my car as well, and we built our home ourselves (like literally, we physically built it) & would hate to lose it. I was just wondering if we would be able to keep this during a bankruptcy?
Best answer:
Answer by Joshua L.
If you have the money to completely pay off something, then you can pay it off and keep it.
If the bankruptcy is stopping you from completely paying something off, it will probably be taken away from you.
Know better? Leave your own answer in the comments!
Depending on what bills you owe and the value of your vehicles, yes you can.
Laws vary by state, but if your mortgage is up to date, then you are usually allowed to keep the home. You can keep one vehicle per adult up to a certain dollar value (in NY it’s $ 3000).
Good luck.
Seek advice from a lawyer, but usually you can keep your house—almost always.. and one car.
Whatever you don’t file in your bankruptcy, you can keep and pay off.
hard to say, bush and pals made the U.S. not so friendly to the common person.