Legal Question in Bankruptcy in Minnesota

chapter 7 exemptions

thinking about filing a chapter 7 bankrupcy, and want to know if i can keep my house and my 1998 dodge ram pickup truck? my houses market value is $106,000 and i owe $78000.00. my truck is my only vehicle, as is my home. my debt is about$38,000.00 in credit card debt. i am current on both my truck and my home.


Asked on 5/04/00, 10:22 pm

1 Answer from Attorneys
David Kelly-952-544-6356 Kelly Law Office

Re: chapter 7 exemptions

Disclaimer: This response is for general information purposes only and does not create an attorney-client relationship. Specific information about your case, not included in your question, could change the outcome entirely. This response is not intended to be a substitute for a consultation with an attorney of your choice.

Response: From what you describe, keeping the house and the vehicle should be no problem at all. The loans for the house and the car will probably have to be reaffirmed, which makes it as if the bankruptcy had not taken place with regard to those loans; but you want to keep paying them anyway and just get rid of some other debts.

More info is on my web page at www.kelly-law.com/bky.html.

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Answered on 6/21/00, 11:09 am


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