Can I keep my house and my car if I declare bankruptcy?

Question Details:Husband looking to declare bankruptcy; my name on deed to house; we have a car that I make a car payment on. Will we loose the house and the car?

Asked 4 years ago under Bankruptcy | 2390 Views | More Legal Topics

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MD, Member, California Bar | FreeAdvice Contributing Attorney Answered 4 years ago

If you own property together and are married, your credit and property ownership could also be impacted.  There are certain exemptions and allowances that are allowed (items you can keep) but you should consider reviewing your particular case (the fact you are married, jointly share assets and desireto keep at least the house and car) with an attorney. 

A bankruptcy attorney would be able to help determine whether you qualify for a homestead exemption in the state in which the property is located, whether you meet certain thresholds and tests and whether you are better off in a Chapter 7 or Chapter 13 bankruptcy.

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