Can I Keep My Home And Car?
Chances are, you ususally will not lose your home (if you own your home) or your car. Louisiana law allows certain assets to be exempt from liquidation in Chapter 7 (as long as you can afford to pay for those items).
Louisiana exemptions include your home and the land on which it sits, your car, your retirement accounts, insurance benefits, wages, work tools, books, one firearm plus other personal property. These exemptions all have limits, which we can explain to you. In most of our Chapter 7 filings, filers do not lose any assets.
Since Chapter 13 is not a liquidation, you usually will not lose anything if you can afford to pay for the property.
If creditors have a security interest in your home, vehicle or other personal property collateral, those agreements usually remain in place despite filing for bankruptcy. But you can sign a reaffirmation agreement to continue making payment for these assets.
If you don’t make payments on these loans, your creditor has the right to take your property and sell it.
These are complicated matters, and we can’t list all the exemptions and exceptions in this space. But visit us at our Alexandria offices and we will lay out for you what is at risk, and what is secure. Each case is different.
Can you keep your home and car? Talk to the lawyers at McBride Law Firm. Let us help you avoid repossession, end harassment and fight foreclosure.