*The Commerce Journal>>>Personal Finance

Bankruptcy/ My Truck?

Is it possible to only file bankruptcy on a vehicle? I don't want my house included in the bankruptcy. Just can't afford the truck anymore.

Also, what happens if I owe more than the truck is worth? How are the new laws going to affect this? Is is evn possible? I have an appointment with an attorney tomorrow, I just kind of what to know a few things before I meet with him. I know bankruptcy is bad but I hear that repossession is even worse. Thanks for all the advice in advance.

You don't get to pick and choose what assets are listed on your bankruptcy. If you have equity in your house a bankruptcy will impact your ability to keep the house unless you file a chapter 13. If you have no equity, you should be able to keep the house and surrender the vehicle. All debt (aside from nondischargeable debt like student loans, child support, taxes) will be discharged, but you will have to continue to pay for the house and other secured debt if you want to keep it. Your attorney will discuss this with you at the consult. There is no way to answer your question definitively because of lack of information. Your attorney will know the big picture and tell you what is best for you.

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