Single mom just lost her job, what can she keep when file bankruptcy?

I am a single mom, own a house, my son’s father is not paying a penny, and I just lost my job. Obviously, I can’t afford to paying my mortgage any more. So what can I keep when I file bankruptcy in CA? I have some 401k, a car, 30K of credit card debts, and student loan, no savings…

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Posted September 4th, 2009 in Bankruptcy Q and A. Tagged: , , , , , , , .

7 comments:

  1. wings4shoes:

    Im not sure about the answer, but I just wanted to say sorry about the situation. Keep your head up, things will get better. My mother went through the same process you seem to be going through

    good luck and god bless : )

    September 4th, 2009 at 6:08 am
  2. iwannaPANICwithu:

    Well, what my parents did was ask for some money from my grandparents. lol

    September 4th, 2009 at 6:08 am
  3. Mrs. Herrera:

    Try applying for new jobs, file for unemployment, file a complaint with the attorney general in your state (or whoever collects child support) and don’t file for bankruptcy- there are so many other things to do first.

    September 4th, 2009 at 6:08 am
  4. fowler.justin:

    I think your 401k [up to 150K] you can keep. You have to keep your student loans. The rest is up to you. Make sure you only do this once. that is, make sure you get rid of everything you need and put it in the BK. You don’t want to do this again a year down the road.

    September 4th, 2009 at 6:08 am
  5. a a:

    hopefully nothing if you are filling for bankruptcy

    September 4th, 2009 at 6:08 am
  6. mustagme:

    Instead of filing for bankruptcy (the easy way out), get a job and sacrifice. That will get you out of just about any predicament you are in.

    So, in easy to read list form, here is what you can do.
    1) Get a job, or two even to pay the bills.
    2) Sell your home and get one you can afford
    3) Sell your car and get a more affordable model
    4) Consolidate your credit card debt into one loan.
    5) Eliminate undeeded things in your life, such as cell phones, internet, cable, etc. They are luxuries, and not necessities.

    That will help you immensely.

    September 4th, 2009 at 6:08 am
  7. wizjp:

    7,11,13?

    Basics are here

    http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html

    September 4th, 2009 at 6:08 am

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