Legal Question in Bankruptcy in California

How will bankruptcy help me start a new?

Husband and myself have tried using a consumer credit service to try and pay off large credit debt, also have 2 car payments and a mortgage to pay. Have never been late on mortgage, but continue to fall behind on car payments and credit service payment.Husband has a pension through his work. Can we file bankruptcy to get rid of all credit debt (car payments and credit card debt) without including the house? If we do file, will it affect his pension money, can they attach his pension? Will we be able to keep the cars, or have to turn them in? Consumer credit service did not include car payments into the plan, said they could not be included. Would like to have a second chance, without losing our home, as we know we probably would be able to buy again, because credit problems.


Asked on 2/17/98, 10:09 am

2 Answers from Attorneys
Mark Markus Law Office of Mark J. Markus

How will Bankruptcy Help Me...

The answers to your questions depend on what the value of all your assets are, what type of pension plan it is, and what your debt structure is. In all likelihood, you can accomplish what you seek through either a Chapter 7 or 13. In other words, you should be able to keep your house and your car and pension plan. However, I cannot tell for sure without knowing a lot more information. If you would like a more comprehensive consultation, please visit my web site (address below) and give me a call. I will be happy to assist.

Mark

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Answered on 2/20/98, 5:47 pm
Ken Koury Kenneth P. Koury, Esq.

Attorney At Law

I do a lot of bankruptcies like yours. First, the pension is protected. there are several ways to set it up so that you can keep the house and the cars. you should consult with a lawyer before deciding what to do but if you are going to file a bankruptcy, i would advise you stop making the credit card payments and make sure the house payments dont get behind as well as the car payments if you intend to keep them. there are still ways to keep the house and cars if you are behind but its a little more complicated.

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Answered on 2/20/98, 7:03 pm


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