Help with Bankruptcy?

Question

My husband and I are thinking of filing bankruptcy (I know, it is a last resort). We have a house and two cars that we are paying on. I know nothing about bankruptcy, but I know of people who have filed and they did not have to give up their vehicles or their homes. Is this possible, or will we lose everything?

Answer 1

Last resort indeed. And unless you absolutely must have two cars (and if you live in any big city with public transport, you don't), then get rid  of one, or both. Also take a close look at your other spendings (credit cards, shopping sprees, evenings out and restaurants). You need to tighten up your financial situation and there are a number of things you can do before getting to that bankruptcy thing.

Answer 2

It's probably possible.  Most banruptcy attorneys offer the first appointment for free.  Make an appointment and go talk to one.

Answer 3

~~They gauge this by whether you will be able to financially  make the payments of your home and autos after the other debt is written off. It's hard to get debt written off now since the new laws are in affect. You sometimes will be forced to sell items to pay off some balances. It is very much more involved. Your best bet is to interview two to threet BK attorneys prior to choosing and filing. You want to know everything you are up against. I feel for you, I know if is a very painful decision. I hope things are looking up for you soon! Hang in there, it does get better!!~~~