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If I file bankruptcy due to high credit card debt, will I lose my assets such as property, home and automobile?

1 Answers. Asked on Feb 05th, 2013 on Bankruptcy - Georgia
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I am over my head in credit card debt. I own my home, car (or guess I should saying buying due to loan and mortgage), and property (land in North Georgia) and one truck. I am a 30 year veteran teacher with no hope of an increase in salary due to cutbacks in education. I do not want to lose any assets and wondered if there is a way to save these.
Answers Showing 1 out of 1
Licenced in GA
Answered on Feb 11th, 2013 at 3:56 PM

Typicall your assets will be protected in a bankrutpcy. However, if you have substantial assets, you will likely have to consider chapter 13. But it is fairly rare that an individual with modest assets would have to give up anything. The best policy is to contact an attorney and explain the specifics of your assets and debts. 

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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