Legal Question in Bankruptcy in Missouri

Automobiles

I have been in Credit Counseling for 1 1/2 yrs. at which time I moved out of a home my boyfriend and I had obtained a mortgage. He has defaulted on the mortgage and the home is going to be foreclosed on. I paid off my auto this year with my income tax refund. I owe approximately $6,000 on my credit cards. My car is worth approx. $8600. Can I file bankruptcy to get out of paying for the home and still keep my auto? The foreclosure amount is approx. $66,500 plus interest and penalties. I don't think the home is worth this amount any longer.


Asked on 6/27/02, 6:00 pm

1 Answer from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: Automobiles

Yes, you should file for bankruptcy relief under Chapter 7. You are entitled to keep certain assets as "exempt" (a bankruptcy term which basically means the property you are allowed to hold back or keep from creditors). Your car even though it is paid off will be exempt. Please call me to discuss your particular situation in more detail. ph. (800) 303-0720 or (214) 979-7330

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Answered on 6/28/02, 9:01 am


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