Can I keep My Home and Car ?

Short answer: Yes!  We can arrange for you to rid yourself of debt and keep your property too.

The creditors are not interested in your home or car, but they are interested in recovering any value (equity) in the property you own.

Most financed cars are fully encumbered and therefore hold no value.  But you would have to continue to pay the auto loan if you wanted to retain possession of the car.

If the car is not encumbered (i.e., no loan against it), we would have to take a look at its wholesale value to see if it is protected (It is protected if it is less than $7,117).

For real property (your home) we would have to calculate its equity by looking at its present value and the mortgages against it.  If there is more than $10,000 equity, we can discuss filing a proposal to eliminate your debt and keep your home!  (Of course, you would have to continue to pay the mortgage).


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