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Our Cars and Home

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    Our Cars and Home

    I am thinking of filing BK - Chapter 7 if I qualify or Ch 13. I will be filing on my own and leaving my WIFE out of the filing since the majority of the debt is in my name only,

    I live in NC and would like to keep my home and two cars if possible
    .
    Here is the situation:
    1st Car- Monthly pymt $690 current never been late still have 3 more years of pymt. Equity is about $1,000- In both of our names.
    2nd car- In both me and spouses name it if fully paid off and worth about 4k.

    We need to cars to get to and from work. 'That's why we are trying to keep both.

    Our home only has a few thousand in available equity since we already have a home equity loan. Maybe 5k tops.

    Will they try to take our cars/home?

    Any help or advice would be appreciated.

    #2
    Find your exemptions for where you live. This will tell you what you are allowed to exempt. I know in Indiana where we live we are allowed an $8K wildcard which is doubled if you file jointly. We have 3 older cars which all fall way under this exemption. Far as equity in our home we have $15K, again this is doubled filing jointly. It really just depends on what you're allowed in your state. You might find your exemptions on here by doing a search. That or you can find it online using your search engine. Also a free consult with an attorney can clarify this for you.

    Hope this helps and good luck!
    Filed Chapter 7 June 4 ~ 341 July 20 ~Last day of objections Sept 18~Discharged/Closed Sept 21

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