Legal Question in Bankruptcy in Colorado

Chapter 7 or Chapter 13

I am now over 25k in dedt with an annual salary of the same amount. We own property in Mi but owe 2 yrs back taxes. I don't make enough to pay all of the bills. We owe about 10k in new medical bills, 10k in credit cards, the rest on other bills including 3k on auto loan. My question is If we file bankrupcy could we or will we lose the property in MI. and also what about the auto loan, will we lose that too?


Asked on 1/12/98, 2:21 am

1 Answer from Attorneys
Stephen Scapelliti Law Office of Stephen Scapelliti, Esq.

Bankruptcy - real estate & auto

Whether an interest in real estate or an automobile will be terminated as a result of a discharge in bankruptcy will depend on your particular circumstances and upon the exemptions provided by the state in which you reside and file the petition. You should consult an attorney in your state to review your circumstances in their entirety. If the property in Michigan is not used as a principal residence, then any equity which the owner has could (and most likely will) become property of the bankruptcy estate. Your state exemptions, however, might affect this. In some circumstances, you may reaffirm certain debts. You should consult an attorney to determine whether that is appropriate for you.

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Answered on 1/14/98, 9:38 am


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