My car was repossessed and I have 10 days to respond. If I file bankruptcy do I have to include mortgage in that if I don't want to? Can I just file bankruptcy over the car repossession and no other debts?
You have to list all debts. If you have a mortgage it must be included.
Find an attorney, talk to an attorney.
If the car was repossessed you must be having money troubles
Do you want to file a chapter 7 to get back the car or to discharge the deficiency?
You have to list all your debts and all your assets, no exceptions. However, that does not mean that you will be in danger of losing your house. You should speak with a local attorney to discuss your situation and whether there is any risk to your home if you file any chapter in bankruptcy.
DISCLAIMER: This message is intended as a general discussion of legal issues...
Attorney Derek Caldwell is correct. People often ask the question as you did which signals that you are worried if you mention your home loan it will cause you some sort of trouble. It is very important to know that giving or withholding information in a bankruptcy, in order to manage, control, or manipulate the outcome to be the way you want it, is both dangerous and illegal. The most fundamental rule to remember in the field of bankruptcy is tell the complete truth. Get an experienced, very good attorney and do not hide any facts. If you want to protect the home your lawyer needs to know you have a home, what is owed on it, how much it would bring in the current market if you tried to sell it as it is, without investing any more time or money into making it better or prettier. With these facts your lawyer can come up with the best option that does not put the home at risk. Most often the solution is as simple as signing an agreement called a reaffirmation agreement that makes it official you are choosing to keep the home and agree to pay the debt on it as you contracted to pay, and you will honor your original loan terms as they always were. If it is any more complicated than that, that is the reason you want a good lawyer to get you out of trouble before it even starts.
You need to hire an attorney to prepare and file a Chapter 7 petition for you. You can list and reaffirm your home mortgage if you want to keep your home. You should not attempt to file a case yourself. Bankruptcy is not a DiY project.
Debtors have a responsibility to the Court – such as listing ALL their creditors when filing their bankruptcy case. You won't be able to file and only include certain debts. You will need to include your mortgage, as well as all of your other assets. Be sure to speak with an attorney as this is a time sensitive matter.
While you include all debts in your disclosure to the court, depending on your circumstances and your choices, chapter 7 may not have any effect on your home and mortgage. A bankruptcy attorney will be able to help you determine if your home is even an issue in your bankruptcy. If the equity in your home were to cause a problem, you might still have good options in a Chapter 13 bankruptcy.
Consult with a bankruptcy attorney immediately. You may be able to recover your car.
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All debts must be included in the bankruptcy filing. If you are filing Ch. 7 just be sure to keep up with your mortgage payments if you want to keep the house. They will not foreclose if you are current on payments. This happens all the time in bankruptcy. If the car debt is your only debt, speak to an attorney in person before filing. Depending on the amount of car debt remaining after auction, a bankruptcy may not be the best option.
Please note this is to be considered general advice and not legal advice about any particular situation. The answering of any question does not create an attorney client relationship and does not make the answer specific legal advice. I am an attorney admitted to the practice of law in the state of Georgia. Â
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