If I go bankrupt because of credit card debt, is it possible to reatin my home.

It depends on how much equity you have in your home. If you have 50,000 or less in equity, then you can protect the home with the NY homestead exemption. But, you know what, bankruptcy law is a complex area and it is very much worth your while, and the prospect of saving your home, to seek experienced bankruptcy counsel to look at all of the facts of your situation before even thinking about filling out a bankruptcy petition.

For example, based on your income you may or may not be eligible for a Chapter 7.

This answer is provided for informational purposes only. Actual legal advice can only be provided in an office consultation by an attorney licensed in your jurisdiction, with experience in the area of law in which your concern lies.

There are too many factors to consider to be able to give an answer on this forum. i would suggest you IMMEDIATELY contact a banruptcy attorney in your immediate area, seek someone that does consultations at no cost (or very little cost) and set up an appointment to further discuss the case.

On top of what every other lawyer said, it makes sense to speak to a local bankruptcy attorney. In many cases in Florida you can keep your primary home due to Florida's exemptions. New York has its own set of exemptions that are different.

The chapter 7 trustee is primarily concerned about your assets and the value of those assets, i.e. the equity in those assets. An asset's value is its quick-sale, fair market value. An asset has equity if the value of the asset exceeds any loan or lien that is attached to that asset. If you have no loan or lien against the asset, the value of that asset equals its quick-sale, fair market value. Utah

If the debtor has assets, those assets fall into 2 categories.
1. Exempt
2. Non-Exempt

Exemptions protect the "value" of the asset from being used to pay back your creditors. So, for example, if your state has a $5,000 Automobile exemption and your car is only worth $5,000, the value (or equity) in your car is exempt for BK purposes.

If you have Non exempt assets, you have 5 choices.
1. Before you file BK, sell the asset and spend the money. (there are caveats to this option, you must sell the asset for quick-sale, Fair market value, and you need to spend the money reasonably, i.e. necessary living expenses).
2. Before you file BK, Borrow against the asset and spend the money. (same caveats as for option 1).
3. File Chapter 7 and surrender the asset
4. File Chapter 7 and redeem the asset from the trustee (i.e. buy the asset back from the trustee.)
5. File Chapter 13 and retain the asset.

Asset issues in BK don't really get more complicated than that. What complicates matters in BK are the debtor's emotional, and often unreasonable, attachment to their "things".

Kelly Robbennolt

801-787-6398
kellyrobbennolt@gmail.com