{"id":6879,"date":"2024-01-08T18:45:52","date_gmt":"2024-01-08T18:45:52","guid":{"rendered":"https:\/\/mn-bankruptcy.com\/blog\/?p=6879"},"modified":"2024-02-20T21:31:09","modified_gmt":"2024-02-20T21:31:09","slug":"top-7-myths-about-bankruptcy-myth-no-2-i-will-lose-my-house-and-my-car","status":"publish","type":"post","link":"https:\/\/mn-bankruptcy.com\/blog\/top-7-myths-about-bankruptcy-myth-no-2-i-will-lose-my-house-and-my-car\/","title":{"rendered":"Top 7 Myths About Bankruptcy: Myth No. 2 &#8211; I  Will Lose my House and my Car"},"content":{"rendered":"\n<p>By Dave Kelly, Minnesota Bankruptcy Attorney<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Introduction<\/h2>\n\n\n\n<p>This is the second post in my series about what I consider to be the top seven bankruptcy myths.  When a potential client calls me for the first time one of the most common questions I hear is &#8220;I&#8217;ll lose my house if I file bankruptcy won&#8217;t I?&#8221; OR &#8220;I&#8217;ll have to give up my car if I file bankruptcy, right?&#8221; The answer to both of these questions is almost always NO, but sometimes I have a hard time convincing the caller.  This myth seems to be a very powerful one that many people have been hearing all their lives.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Top 7 Myths About Bankruptcy: Episode 2 - I&#039;ll Lose My House and My Car\" width=\"525\" height=\"295\" src=\"https:\/\/www.youtube.com\/embed\/CuBbNtA_5oU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Debt is Discharged but Not the Lien<\/h2>\n\n\n\n<p>In the vast majority of cases my clients get to keep their house, if they have one, and keep their car &#8211; unless for some reason they don&#8217;t want to keep these things.  Please understand that bankruptcy makes the debt go away but in general it does not release the lien of a mortgage or car loan.  If there is a mortgage on your house, the house will still have the mortgage when you are done with the bankruptcy.  And if there is a loan against your car, properly filed with the state so that is is listed on the car title, the lien from that loan will also still be there after the bankruptcy.  Unless the debt is reaffirmed, you will no longer owe personally on the car loan and mortgage.  But it is very much like the car still owes the car loan and the house still owes the mortgage.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Protect Your Equity by Claiming it as Exempt<\/h2>\n\n\n\n<p>Now if there is equity in the car or house, and there usually is, that equity is an asset in the bankruptcy case.  By equity I mean the difference between what is owed and what the asset is worth, assuming it is a positive number.  When a straight Chapter 7 bankruptcy is filed, a trustee is appointed by the court.  The trustee&#8217;s job is to find assets that can be seized and divided among the creditors.  My job, however, is to prevent that from happening.  With houses and cars it is usually fairly easy.  The way to keep the trustee from taking an asset is to claim it as exempt.  There is usually enough exemption to cover the equity in a car; and there is almost always enough Minnesota exemption to cover the equity in a house.<\/p>\n\n\n\n<p>In Minnesota we get to choose between two exemption lists &#8211; either the state exemptions or the federal exemptions.  Under the state exemptions a debtor is allowed an exemption of up to $480,000 of equity in a homestead and up to $5,200 or equity in a motor vehicle.  The federal exemptions are not so good for protecting a homestead, but for a car they protect up to $4,450 of equity in a motor vehicle.  The federal exemptions also contain a wile card of more than $15,000, under which anything not otherwise exempt can still be claimed as exempt.  If there&#8217;s a lot of equity in a car, the wild card can be very handy to protect whatever is not covered by the automobile exemption.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>In the vast majority of cases, Minnesota residents who file bankruptcy are able to keep their vehicles and keep their homes.  Those who tell you otherwise are perpetuating a common myth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Dave Kelly, Minnesota Bankruptcy Attorney Introduction This is the second post in my series about what I consider to be the top seven bankruptcy myths. When a potential client calls me for the first time one of the most common questions I hear is &#8220;I&#8217;ll lose my house if I file bankruptcy won&#8217;t I?&#8221; &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/mn-bankruptcy.com\/blog\/top-7-myths-about-bankruptcy-myth-no-2-i-will-lose-my-house-and-my-car\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Top 7 Myths About Bankruptcy: Myth No. 2 &#8211; I  Will Lose my House and my Car&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":6884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,279,12,56,107],"tags":[112,103,208,118],"class_list":["post-6879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bankruptcy","category-bankruptcy-myths","category-chapter-7","category-debt","category-filing-process","tag-chapter-13-2","tag-chapter-7-2","tag-filing-process","tag-how-does-bankruptcy-work"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top 7 Myths About Bankruptcy: Myth No. 2 - I Will Lose my House and my Car - Better Call Dave - Bankrupt MN Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mn-bankruptcy.com\/blog\/top-7-myths-about-bankruptcy-myth-no-2-i-will-lose-my-house-and-my-car\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 7 Myths About Bankruptcy: Myth No. 2 - I Will Lose my House and my Car - Better Call Dave - Bankrupt MN Blog\" \/>\n<meta property=\"og:description\" content=\"By Dave Kelly, Minnesota Bankruptcy Attorney Introduction This is the second post in my series about what I consider to be the top seven bankruptcy myths. When a potential client calls me for the first time one of the most common questions I hear is &#8220;I&#8217;ll lose my house if I file bankruptcy won&#8217;t I?&#8221; &hellip; Continue reading &quot;Top 7 Myths About Bankruptcy: Myth No. 2 &#8211; I Will Lose my House and my Car&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mn-bankruptcy.com\/blog\/top-7-myths-about-bankruptcy-myth-no-2-i-will-lose-my-house-and-my-car\/\" \/>\n<meta property=\"og:site_name\" content=\"Better Call Dave - Bankrupt MN Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/davidkelllylawoffice\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-08T18:45:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-20T21:31:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mn-bankruptcy.com\/blog\/wp-content\/uploads\/2024\/01\/doghouse-foreclosed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"754\" \/>\n\t<meta property=\"og:image:height\" content=\"553\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"DaveKelly\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"DaveKelly\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/top-7-myths-about-bankruptcy-myth-no-2-i-will-lose-my-house-and-my-car\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/top-7-myths-about-bankruptcy-myth-no-2-i-will-lose-my-house-and-my-car\/\"},\"author\":{\"name\":\"DaveKelly\",\"@id\":\"https:\/\/mn-bankruptcy.com\/blog\/#\/schema\/person\/a385963a920f92e1cf406fa921c98453\"},\"headline\":\"Top 7 Myths About Bankruptcy: Myth No. 2 &#8211; 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Sometimes that seems like a long time, and other days I feel as if I just started. These days my practice is devoted entirely to counseling folks concerning their financial problems and representing them in Chapter 7 and Chapter 13 bankruptcy. One thing I don't do is credit repair. When asked about matters concerning credit scores, I like to say \\\"I'm a very good source of unreliable information about that.\\\" What I mean is that I hear a lot about it from my clients who often report back to me how they are doing after their bankruptcy is completed, sometimes even years later; but having heard some stories from a few people doesn't qualify me to give any advice. I spend a lot of time with my clients. I want to be sure we get it right. There are civil and criminal penalties for concealing or providing incorrect information in a bankruptcy care, and my goal is to keep myself and my clients as far away from problems like that as possible. You can find me in MInnetonka near I-394 and Hopkins crossroad. It's ten or fifteen minutes from downtown Minneapolis. You can see parts of Plymouth, Minnesota, Golden Valley, Minnesota and St. Louis Park, Minnesota from the high ground in front of my building. 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Sometimes that seems like a long time, and other days I feel as if I just started. These days my practice is devoted entirely to counseling folks concerning their financial problems and representing them in Chapter 7 and Chapter 13 bankruptcy. One thing I don't do is credit repair. When asked about matters concerning credit scores, I like to say \"I'm a very good source of unreliable information about that.\" What I mean is that I hear a lot about it from my clients who often report back to me how they are doing after their bankruptcy is completed, sometimes even years later; but having heard some stories from a few people doesn't qualify me to give any advice. I spend a lot of time with my clients. I want to be sure we get it right. There are civil and criminal penalties for concealing or providing incorrect information in a bankruptcy care, and my goal is to keep myself and my clients as far away from problems like that as possible. You can find me in MInnetonka near I-394 and Hopkins crossroad. It's ten or fifteen minutes from downtown Minneapolis. You can see parts of Plymouth, Minnesota, Golden Valley, Minnesota and St. Louis Park, Minnesota from the high ground in front of my building. If you take a look at the map, you can see that most of St. Louis Park is closer to my office than many parts of Minnetonka.","sameAs":["http:\/\/www.mn-bankruptcy.com"],"url":"https:\/\/mn-bankruptcy.com\/blog\/author\/davekelly\/"}]}},"_links":{"self":[{"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/6879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/comments?post=6879"}],"version-history":[{"count":4,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/6879\/revisions"}],"predecessor-version":[{"id":6887,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/6879\/revisions\/6887"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/media\/6884"}],"wp:attachment":[{"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/media?parent=6879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/categories?post=6879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mn-bankruptcy.com\/blog\/wp-json\/wp\/v2\/tags?post=6879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}