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If I file for bankruptcy can I keep my house and car, can I discharge student loans

Asked about 3 years ago - Albuquerque, NM

I am in debt about 150,000 or alittle more counting my mortgage, school loans, auto loan and unsecured credit cards I feel like there is no hope in paying these off. I am paying the minimum and sometimes borrow from credit card to help. if I could file bankruptcy can I keep my house and vehicle ? and does it include school loans ? and is there an answer??

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can I file for chapter 7?

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Margery Ellen Golant

Reputation Level 18

Answered about 3 years ago. Bankruptcy Attorney in Boca Raton, FL.

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Federally insured student loans are not dischargeable in bankruptcy. Credit cards normally are. Whether you can keep your house and your car depends on the exemptions in your state, and the amount of equity in either. If there is little or no equity, odds are excellent that you could keep them, but you would have to reaffirm the debts for which they are collateral.

The only way to get the full picture of what a bankruptcy proceeding would mean to you would be to consult a local bankruptcy attorney.

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