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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » What are the rules of bankruptcy regarding home and vehicle ownership?

What are the rules of bankruptcy regarding home and vehicle ownership?

At the beginning of this year I had finally paid off all my old debt. However, in some stupid moves that were started by someone I was with I managed to get myself an extra $20K into debt. While also trading in my car for a bit more expensive car. I purchased my home a little over a year ago and have always paid everything on time till the last couple months. Even then it wasn’t “late”, only up to a couple weeks late rather than a full 30 days. If in the end, I am in a battle I won’t win and my only option remaining is to file bankruptcy..will I lose my home and vehicle? I know now they almost automatically put you in a payment plan, which I might not mind..but are payments affordable? Does that set up help you to retain ownership of your properties?

I’m also in Ohio if the laws make a big dif. The sad thing is though..that I know better than all of this, as I said I finally finished paying things off. I just made a REALLY stupid decision. I have never wanted to go back and change time so badly in my life!

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3 Responses to "What are the rules of bankruptcy regarding home and vehicle ownership?"

  1. singlefmmom213 says:
    I was able to keep my cars and my husband car payment is actually in the bankruptcy payment. They like for you to keep some of your current bills like that to help you with credit history. but I think it depends on the state. my payments are only 220 a month because that is all i could afford and they understand that if you are there you dont have a ton of money to give them every month. it is kinda good to go through this because you take credit classes and lean alot about budget and money it can be a real learning experince.

    Good luck!!!

  2. Bk lawyer says:
    The short answer is that people often keep cars and homes in bankruptcy. In fact, keeping those items is a reason many people file. Whether you will keep your car and home will depend on many factors, most importantly whether you have significant equity in them (the more equity you have, the more likely you will lose them in Ch 7, or more you would potentially have to pay into a Ch 13 plan). Also, you will have to be able to afford them – although car payments may be modified (reduced) in a Ch 13 case. Bottom line – you should contact a reputable bankruptcy attorney in your area to get more specific information about your options and what will happen if you were to file bankruptcy.
  3. spifiman1 says:
    You can keep any thing that has a loan on it as long as you sigh a reaffirmation agreement on the property.

    This simply states that you need this property and agree to continue making the payments on it as agreed. It doe’s not effect your term, rate or payment.

    No longer then you have had your home equity should not be a problem.

    This will also help you re-establish your credit. You will need to call the lenders on your home and car and make sure that they continue to report to the credit bureaus. All property must be listed in your initial bankruptcy and all lenders quit reporting when you do this. So you will have to call them and make sure that they continue to report.

    I did this on a Ford loan several years ago and it helped me like you cant believe after my BK discharged.

    OBTW bankruptcy laws are Federal so what State you live in doe’s not make any difference.

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