I filed after a divorce in 1985...it is not quite that easy nowadays and I have just as many credit cards has I did then..only difference is that I use them only for travel and pay them right away...was young and stupid then...I maxed one out at a Vegas Casino one night showing off...bad move..but in the end, everything turned out OK...
If he's referring to a 7. You have exemptions you can claim. I think one is 10,000 for furniture. Anything more you get it taken away. 3,000 for a car. If you got equity in your home, like 50,000. Theres ways you can get around that though. My aunt got out of it and didn't have to give them anything.
Think with the bankruptcy she got rid of something like 60,000 of debt. Got a house out in Puget Sound 2 years later after filing.
lets say hypothetically :
60 grand of credit card debt. no other debt.
renting a condo.
no car payment
a few thousand in the bank . make about 45 grand a year.
just walk into an attorney's office , plunk down his fee , file and see ya later credit card debt ???
60 grand of credit card debt. no other debt.
renting a condo.
no car payment
a few thousand in the bank . make about 45 grand a year.
just walk into an attorney's office , plunk down his fee , file and see ya later credit card debt ???
In your situation they'll take your car because its worth more then the exemption.
Your personal property exemption is 1,000. I'm assuming some of those computers and tv's will be going as well unless they are worth combined less then 1k. If your filing with a partner(jointly) though its double, so 2,000 exemption.
hno:
