Legal Question in Bankruptcy in Tennessee

Bankruptcy and housing/vehicle

I'd like to ask a couple of questions about filing chapter 7. I have unsecured debt of about 60K. I just went through a divorce and have a small sum to buy a little cheap house and pay off my truck. I'm disabled, though I don't draw SSDI. I am unable to work and the only funds I have coming in are from the divorce and are barely enough to pay monthly expenses. If I file, is it possible to keep my house and vehicle, or do these end up having to be sold to pay the unsecured debt? Thank you very much!


Asked on 6/07/08, 8:56 pm

1 Answer from Attorneys
Robert Rexrode Robert R. Rexrode, Attorney at Law PLLC

Re: Bankruptcy and housing/vehicle

From what you've outlined, I believe a strong likelihood exists that you will be able to keep your house and vehicle and accomplish a Chapter 7 - but you have to have these two payments current and have the type of insurance on them that the Creditors desire.

Where are you located? I'd be glad to reserve a 30 minute free consultation time for you - just let me know. In the meantime, check out our website @ www.rexlaw.net - it's not complete yet, but does have helpful stuff.

Thx,

Rob

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Answered on 6/08/08, 11:51 am


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