Legal Question in Bankruptcy in Pennsylvania

Bankruptcy

If I was to file for chapter 7, I have around 35,000 in credit cards, and 6000.00in personal loans. and a credit card for a furniture store for 7500.00 . I wanted to file for these. Will I be able to keep my property that I purchased with my cards, especially the furniture card merchandise? Also I have a car loan in my name that I have had for 1 and 1/2 years. I did not want to include this in my filing for bankruptcy, will I have to give this up before or during filing since having an automobile is a thing I can not do with out. Please let me know because I went to see a lawyer for a free consaltation and he did not answer any of my questions, Thank you for your time in helping me ease my mind.


Asked on 10/06/00, 9:16 pm

1 Answer from Attorneys

Re: Bankruptcy

You have to list all assets and debts; you cannot pick and choose. With there being a loan for the car, you probably can keep it provided you are timely in your payments. 11 U.S.C. � 522(d) provides various amounts you can exempt from the bankruptcy estate, including up to $2400 in value of the car over the amount still subject to lien and up to $8000 per debtor for household goods and furnishings.

This is general information for discussion purposes. Bankruptcy law is very detailed and you should consult an experienced attorney about your individual situation.

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Answered on 11/03/00, 2:35 pm


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