I own a home with a mortgage and a car fully paid for. I get alimony and child support that barely cover the mortgage, condo fee, my health insurance premium, and utility bills. I have not been able to work because of illness. I have about $25K in credit card bills. Can I declare bankruptcy, and what would I lose if I declare bankruptcy?
I am a consumer bankruptcy. Although bankruptcy is a federal law, the property that you get to keep during bankruptcy is usually determined by state law. In bankruptcy, some of your property maybe claimed as exempt, meaning that some or all of the equity may be protected.
I recommend that you contact a local member of the National Association of Consumer Bankruptcy Attorneys to determine your options.
