I’m thinking about bankruptcy. I don’t want to lose my house or my two cars. One is mine the other is my wife’s. All 3 are current on payments. I have around 40k in unsecured debt. All are current. I’m not behind on anything. I’ve used up my savings. I’m treading water.
What are my options?
The issue really isn’t so much about losing stuff than it is about how much equity you have in each of those items. If there is little to no equity in those items then you will be able to continue to make payments and keep them.
But if there is a ton of equity above what your state will exclude then you might just have to change the type of bankruptcy you file.
Either way, I would not let the worry about the home or cars keep you from making an appointment with a local bankruptcy attorney and discussing your specific situation.
You might want to read “How to Find a Great Bankruptcy Attorney” and go talk to some to get a game plan in place and get some clarity how those property items will be treated undet your states exemption limits.
Some states have wildly different bankruptcy exemptions. Here is one place you can look them up. Some states protect the house entirely and individual states have varied protections for motor vehicles.
All will work out but you need to find a great attorney and get your questions answered.