Bankruptcy question?
*~Cam’s Mommy ~* asked:
If I file bankrutpcy alone although I’m married and include all of my unsecured debt which consists of 2 lines of credit totaling $40,000… and the two car loans we have are in mine and my husband’s names.. can we keep the car loans and only include the unsecured debt which is in my name only since I’ll file alone? We’ve never missed a payment on the car loans and are within 2 years of paying off one.
If I file bankrutpcy alone although I’m married and include all of my unsecured debt which consists of 2 lines of credit totaling $40,000… and the two car loans we have are in mine and my husband’s names.. can we keep the car loans and only include the unsecured debt which is in my name only since I’ll file alone? We’ve never missed a payment on the car loans and are within 2 years of paying off one.
You choose the specific debts you want to include in your Bankruptcy. However; you may not be able to protect any personal property that is worth more than it’s debt amount.
So, if your car is worth more than you owe on the auto loan, you may not be able to protect one of your cars.
Comment by Tom — December 20, 2009 @ 10:08 am