babyty Posted January 2, 2005 Report Share Posted January 2, 2005 We have a lot of credit card debt and a house and a van that is not paid off yet. How can we file without losing our house or much needed vehicle? I am from Wisconsin. I have a name and number of a good lawyer that my future brother-in-law gave us but just haven't consulted with him yet. I don't know what is stopping me. Probably the fact that everyone and their mother will know about it once it hits the papers. My mother has agreed to pay the filing fees so that helps.After reading some of the postings (which, by the way, are VERY helpful and make me feel a little better about things) I have decided that I am not making anymore payments to Capital One, mainly because of their treatment towards us and also the fact that they won't work with me on lowering the payments at least on a temp. basis. Anyway, I am also one of those people who probably talk too much, but if anyone out there can please answer my questions in the first paragraph that would be great. Thanks! Link to comment Share on other sites More sharing options...
willingtocope Posted January 2, 2005 Report Share Posted January 2, 2005 Welcome...and, no, you're not alone. Lots of people have found themselves in the same situation.As for your house....NOLO PRESS's "How to file for Chapter 7 Bankruptcy" says that up to $40,000 in equity in your house would be exempt. If you value your house based on "quick sale" price, and then subtract what you owe, that will give you a feel for how likely you might be to lose your house. You may also be able to reaffirm on the house...and for that matter on the van. You may even be able to just keep paying on the van without reaffirming...most banks won't bother you in that case.Best advice is go see the lawyer...she/he will help you decide what to do. Link to comment Share on other sites More sharing options...
bingo Posted January 2, 2005 Report Share Posted January 2, 2005 Wi. bk exemptions are not bad.http://www.bankruptcyaction.com/wiexemptions.htmI'd concur with the previous poster. Get thee to a lawyer! Link to comment Share on other sites More sharing options...
LadynRed Posted January 3, 2005 Report Share Posted January 3, 2005 DITTO what the others have said. Most people lose NOTHING in a bankruptcy. The are many misconceptions that a CH 7 means you lose everything.. probably because its referred to as a 'liquidation' bankruptcy. Congress never intended that bankruptcy should take away everything a person has to live, the idea was a fresh start, and you can't get that if it leaves you homeless with just the clothes on your back ! Link to comment Share on other sites More sharing options...
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