Q: bankruptcy claim

[nhcredit]

What is the name of your state? NH

I know I would need to consult a bankruptcy lawyer for specifics, however IF I were to claim bankruptcy, would I lose my cars and house???

I have old credit card debit and with the loss of my job, it will be harder to pay bills, cars, mortgage, etc... would bankruptcy help 'float' me??

Thanks in Advance!

 

[spoiler]

here is what you can keep.

In general, a debtor may claim exemption of homestead and certain personal property from attachment or execution or forced sale for the payment of debts.

New Hampshire permits homestead exemption up to a value of $100,000. The homestead right may include manufactured housing, which is owned and occupied as a dwelling by the debtor but does not include the land upon which the manufactured housing is situated if the land is not also owned by the owner the manufactured housing. (§ 480:1.)
Personal property and goods which may be exempted from attachment and execution may include:

wearing apparel necessary for the use of the debtor and his family;
comfortable beds, bedsteads and bedding necessary for the debtor, his wife and children;
household furniture to the value of $3,500;
one cook stove, one heating stove and one refrigerator and necessary utensils belonging to the same;
one sewing machine, kept for use by the debtor or his family;
provisions and fuel to the value of $400;
uniform, arms and equipment of every officer and private in the militia;
bibles, school books and library of any debtor, used by him or his family, to the value of $800;
Insurance proceeds, damages for exempt property, $5,000;
tools of the debtor's occupation to the value of $5,000;
one hog and one pig, and the pork of the same when slaughtered; Six sheep and the fleeces of the same; one cow; a yoke of oxen or a horse, when required for farming or teaming purposes or other actual use; and
hay not exceeding 4 tons;
domestic fowls not exceeding $300 in value;
the debtor's interest in one pew in any meeting house in which he or his family usually worship;
the debtor's interest in one lot or right of burial in any cemetery;
one automobile to the value of $4,000;
jewelry owned by the debtor or his family to the value of $500;
the debtor's interest in any property, not to exceed $1,000 in value, plus up to $7,000 of any unused amount of the exemption provided under paragraphs III, VI, VIII, IX, XVI, and XVII of section 511:2.

 

[Ladynred]

Those values for house and car go to EQUITY in them, NOT the amount you owe.

How OLD are these 'old debts' ?? NH has a short 3 year statute of limitations (SOL) on credit card debts. That means if the last time you paid on any of the credit cards was 3 or more years ago, then there's really no reason for you to file bankruptcy. IF you were sued, the expired SOL would be your defense to get the case thrown out.