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Can I go bankrupt on some my credit cards and still keep what I own?

December 26th, 2010 | | | 6 Comments | |

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I want to know if I can do anything about my credit card debt and still keep my home and other assetts?

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6 Responses to “Can I go bankrupt on some my credit cards and still keep what I own?”

  1. CB Says:

    Usually your home, but not much else. And you shouldn’t be able to. You have all the stuff that you bought with the card right? Why should the CC company just have to eat all your debt while you hang onto everything else?

  2. Califrich Says:

    No, your assets will be sold and the money will be distributed to your creditors.

  3. Janice 10 Says:

    You are able to file bankrupty on all your debts and keep your house and car and if you still owe anything on them continue to pay on them.Best Wishes.

  4. Doctor Deth Says:

    they do not take personal possessions

    if all/most of your debt is loans and credit cards, then you will probably only be allowed to file chapter 13 and that requires you to pack a portion fo your debts over 3-5 yrs – the amount is decided by the judge – you won;t be able to totally wipe of credit card debt like you used to be able to

  5. rayt721 Says:

    Not everyone who wants to file bankruptcy will qualify. Only an attorney and trustee can tell you if you qualify and what you can and cannot have depending on your state and your situation. The answer depends on the amount of equity you have in your assets. There are two types of bankruptcy so only professionals in the bankruptcy arena can help you. There’s a complete discharge and a repayment plan bankruptcy. Before thinking of either, check out the services of a legitimate consumer credit counseling program. It could protect your credit rating, reputation and the assets you want to keep.

  6. wangarific Says:

    No, you will have to liquidate in order to have your debts cleared.

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