Feb

18

What can you keep after bankruptcy

Filed Under Bankruptcy FAQ, Bankruptcy Trustee, NYS Bankruptcy, Post Filing, Reaffirming Loans, bankruptcy-questions 

I’ve been receiving a decent amount of emails since the last post, regarding what I/we kept after the bankruptcy. To be clear, we did keep our home (and both mortgages that go with it) as well as my car loan.

Prior to our meeting with the bankruptcy trustee our attorney reviewed the fact that we were in fact keeping our home and that I did want to re-affirm my auto loan. The bankruptcy trustee also verified this information. We did not lose our home or car. Don’t be afraid of that. Unless you are behind on your loan it is in the bank’s best interest to re-affirm your loan and keep you making your payments.


My attorney did emphatically warm me that I can’t fall behind or miss any payments. If I did then (as he said) “all bets are off”.

I/we did not lose our furniture, wedding ring, my wife’s car (with low equity/value), and my computer(s) (even though Dell was listed as a creditor), they didn’t take our dog and they didn’t take our TV. These were questions that readers of the site have asked me in emails.

I will post more in the days ahead. In the mean time feel free to contact me directly and from the bottom of my heart, thank you for clicking on the advertisers below these posts. It’s those small ads that help me pay the bills to keep this site alive.

Comments

5 Responses to “What can you keep after bankruptcy”

  1. Mark on March 18th, 2009 5:55 pm

    Joe,
    Your blog is very comforting, I am starting this process now. My sister filed for bankruptcy in 2002 in florida and said that appraisers came to her house and appraised everything they owned and took her to task on these possesions. Is this the way it happens in NYS?
    Thanks

  2. Amanda on May 3rd, 2009 11:33 am

    What about furniture? I have two lines of credit in regards to my furniture, I can not even begin to get close to paying those off. If I file bankruptcy, can they take my furniture since it’s not paid off. Also,I owe a University for which I can not pay. Am I able to file that with my bankruptcy?

  3. admin on July 19th, 2009 8:59 am

    Amanda, We kept all of our furniture. Actually we were able to keep our computer that we bought with the Dell credit card. We didn’t owe them much, but as our attorney said “it’s cheaper for them to discharge the debt than to hire a repo company, hire an auction house and get pennies on the dollar”.

    Remember, this is not legal advice from me to you. Rather me sharing our experiences. Good luck Amanda!

  4. admin on July 19th, 2009 9:00 am

    Mark,

    This never happened to us. As a matter of fact my neighbor is about to have his court date for his Chapter 7 (almost 16 months after we had our court date) and he hasn’t had anyone come to his house or anyone ever mention that might happen.

    Wow, Florida is rough.

  5. Saundra on September 13th, 2009 4:26 pm

    Question, I am 60 years of age, lost my job and no jobs in this area with unemployment going up weekly. I have @ 32,000 credit card debt from helping my children the last few years. I have a home with mortgage, two conod’s that are costing me money and then a home in another state that I had put in my name after my Mother died and my father lives there. Question is if I filed, can I kept the hoe that I live in and the home my Father is living in without any problem??

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