If i declare bankcruptcy can my credit card company cease my condo?

Question

If i declare bankcruptcy can my credit card company cease my condo?

Answer 1

A lot has changed in bankruptcy law within the last 5 years or so...It is much harder to declare bankruptcy and get away from your debt 'scott free'.  Your debtors will most likely garnish your wages or put a lien on your condo...I don't think they can actually seize or take it HOWEVER you may wan to look into whether or not your state has a 'homestead act'...if you apply for a homestead act BEFORE you declare bankruptcy they cannot touch your house (they can take your car and sell it though to re-coup any money that you owe them!).  Think long and hard before you decide this is the route you want to go.  Supposedly your credit is back within 7 years...however, those seven years can be long and painful...sometimes you can't even get a phone or utility company to give you services because a lot is based on people's credit now adays...also, some car insurance is based on credit and other factors that have nothing to do with your driving...This is very serious and I'd recommend shopping around for lawyers who specialize in bankruptcy law before you go to much farther.

Answer 2

I don't think anyone can take your primary residence, if its another property you own, they probably can.