If you recently transferred a vehicle without consideration you would want to file chapter 13, not chapter 7. In your chapter 13 you can pay for your vehicle in the plan. You are obligated to pay ongoing mortgage payments.

Answer Applies to: California
Replied: 10/8/2011

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You need to consult with an attorney so he can asses your entire financial situation and make recommendations.

Answer Applies to: Arizona
Replied: 10/8/2011

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You have a lot of good options in both Chapter 7 and Chapter 13 Bankruptcy. Get yourself an qualified attorney that is experienced in both 7 and 13 procedures. Try to find an attorney who is a member of The National Association of Consumer Bankruptcy Attorneys (NACBA). You will do quite well, I think. Good luck.

Answer Applies to: Ohio
Replied: 10/7/2011

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Bankruptcy may be an option. Get a free consultation with an experienced bankruptcy attorney to find out what your best options are.

Answer Applies to: Colorado
Replied: 10/7/2011

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Alot depends on whether you are behind in home payments and how much equity you have.. you may be better of with a chapter 13. Since you do have a home, and you are on a fixed income I STRONGLY advise you to consult with a Bankruptcy Attorney.

Answer Applies to: California
Replied: 10/7/2011

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You can discharge credit card debt in a Ch 7. If you want to keep your house you have to become current on payments and stay current. The transfer of the car to your daughter will pose a problem. I assume she did not pay fair market value. This would be considered a preferential transfer and the trustee would be able to recover the car for the benefit of creditors.

Answer Applies to: Colorado
Replied: 10/7/2011

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You can keep your home, as long as the equity in the house is less than $300,000 (if you live in downstate NY, exemption amounts are less upstate) and if you and your wife are both filing a chapter 7. This will allow you to get rid of all of your credit card debt and keep your home.

Answer Applies to: New York
Replied: 10/7/2011

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As long as you are current on your mortgage and car, you should be OK. But you may want to apply for a loan modification to get your monthly mortgage payments lowered. You should find an attorney who works on both matters.

Answer Applies to: Ohio
Replied: 10/7/2011

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Get a lawyer. You have already likely made a huge mistake. Signing over the car before filing means the court will probably take the car from your granddaughter and deny you relief. Before you make more mistakes, see a lawyer and do NOT do anything else without a lawyer.

Answer Applies to: Georgia
Replied: 10/6/2011

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You can discharge your credit card debt in a Chapter 7 bankruptcy, but a bankruptcy discharge will not change your mortgage or auto loan payments.

Answer Applies to: Colorado
Replied: 10/6/2011

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Bankruptcy may be a good solution for you to handle these obligations that you can no longer pay.

Answer Applies to: Indiana
Replied: 10/6/2011

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The mortgage cannot be discharged in bankruptcy because it is a secured debt. You can keep the home if you make the mortgage payments. Othewise the bank will foreclose sooner or later. Assuming you do not have too much equity in your house the bankruptcy will not affect your home. You can probably discharge the credit card debt totally. You can return the vehicle and not owe any car payments if you cannot afford the car payments anymore. Getting rid of your credit card debt and returning the car may be all you need to afford the mortgage payments and save your home. You can also try to ask the mortgage holder for a loan modification to reduce your payments on the mortgage.

Answer Applies to: California
Replied: 10/6/2011

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A chapter 7 would be a good option provided that you have less than $90,000 of home equity, which is the value of your home less any mortgages. If your equity is greater than $90,000, then a Chapter 13 may be an option depending on how much debt you owe.

Answer Applies to: Colorado
Replied: 10/6/2011

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In the context of a chapter 7, the benefit for the struggling homeowner is that discharge of credit card debt will permit him to better afford the mortgage. All circumstances relating to the transfer of the vehicle must be discussed with a bankruptcy attorney before you pursue your case. This answer (as well as our Web site) doesn't address all facts & implications of the question; it's general info, not legal advice to be relied upon; it creates no attorney-client relationship; it may be pertinent to CA only; it's independent of other answers.

Answer Applies to: California
Replied: 10/6/2011

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You should consult with a bankruptcy attorney. There are many assets which are exempt from the bankruptcy estate and may be safe. Bankruptcy is a complex process. Look for an attorney who will consider your specific needs, not one which operates like a mill, treating everyone equally poorly.

Answer Applies to: Massachusetts
Replied: 10/6/2011

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You can keep up to a $175,000 of equity in a home and file bankruptcy. However, you have to continue making your monthly payments. Depending on what you want to do with the home, you may consider a reverse mortgage after filing. As for the credit cards, you can include those in the bankruptcy.

Answer Applies to: California
Replied: 10/6/2011

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In a Chapter 7, you may keep your home and your car as long as you are 1. below the equity exemption limits, and 2. current with the payments. You may then have the remainder of your non- secured debts (i.e. Credit Cards., Medical Bills, etc.) discharged. In some cases the discharge of the non-secured debts is enough to ease the strain on the family and help you begin your "fresh start".

Answer Applies to: Colorado
Replied: 10/6/2011

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You can keep your home as long as you have no more than $20,000 per spouse in equity in it and you can afford to make the payments, once your unsecured debts are removed. You also should look at your other secured debts as well.

Answer Applies to: Utah
Replied: 10/6/2011

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As long as you don't have more than $50,000 in home equity, and you stay current on the mortgage payments, you'll have no problem keeping the house in a Chapter 7. However, you raise several questions, and I'd highly recommend that you schedule an appointment with a bankruptcy attorney that offers free consultations in your area, such as I do in Central Oregon.

Answer Applies to: Oregon
Replied: 10/6/2011

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