Minnesota's Bankruptcy Law Firm for More Than 35 Years
"This Is All We Do and We Do It Well."
First, keep in mind that a great many people who file bankruptcy keep most or all of their assets such as furniture. Before you leap to conclusions about whether you should try to save your house or car when filing bankruptcy, Prescott & Pearson, P.A., urges you to contact us and talk to one of our experienced attorneys. We have gained a name for ourselves in the Twin Cities in large part because of our reliable recommendations.
Can You Keep Your House When You File Bankruptcy?
How much equity do you have in your home? Have you already tried to get a home loan modification, without success? Have you taken out a second or third mortgage that you now cannot make payments on? Do you sincerely believe that keeping your house at all costs is in your best interests when you take into account all the costs and responsibilities of home ownership?
Your answers to these and related questions will help our Minnesota bankruptcy lawyer give direction about whether you can keep your house, and we can also advise you as to whether we believe you should make this a top priority, considering all circumstances.
When It Comes to Your Car Loan, Who Is on Your Side?
Make no mistake: The lending bank that financed your car is not "on your side." Although they extended the credit that you believed you needed to purchase a reliable automobile, once you signed on the dotted line, the friendship ended and locked-down obligation began.
Is your car worth as much today as what you owe on your car loan? Have you experienced harassment from your car loan bank when you had to skip a payment due to a medical emergency or job loss?
Answers to questions such as these make it clear that your car loan servicing institution has one objective, and that is to collect payments on a certain schedule.
Can You Stay Current on Car Payments?
If you can stay current on your car payments, you most likely can keep your car when you file Chapter 7 or Chapter 13 bankruptcy. Furthermore, Chapter 13 bankruptcy can include payment arrearage in your debt reorganization/repayment plan. Keep in mind, however, that the car loan institution may try to force you to reaffirm the car loan if you attempt to keep the car. A bankruptcy judge may say that it is in your best interest to include the car loan in your bankruptcy and let the car go if your budget does not accommodate that payment.
Call for a Free Consultation With a Minneapolis Bankruptcy Exemption Attorney Today
- Minneapolis-St. Paul Area: 651-968-8096
- Minnesota Toll-Free: 888-366-0827
What are bankruptcy exemptions? Can you keep your house and property? What should your priorities be when you file bankruptcy? To discuss these topics as they pertain to your unique circumstances, call or contact our bankruptcy lawyers today to schedule a free consultation.